Palos Verdes real estate sales October 2021 for Palos Verdes homes decreased compared to September. 58 Palos Verdes houses sold in October compared to 99 homes in September and decreased compared to the 81 homes that sold in October 2020. There were 74 Palos Verdes single family homes pending in October which increased from the 63 homes pending in September. The number of active Palos Verdes homes for sale in October (72) decreased from the 74 homes for sale in September.
Average sales price for Palos Verdes homes sold in October increased to $2,611,000 compared to $2,437,000 in September, and increased from the $2,049,000 in October 2020. Price per square foot for Palos Verdes houses that sold/closed escrow in October increased to $879 from $857 in September. Average days on market in October was 19 days which decreased from the 23 days in September. Months of inventory (months it would take to sell existing inventory at the current rate of sale) was 1.2 months in October which decreased from .7 month in September for Palos Verdes homes for sale. A “normal” or balanced market is considered 3 months of inventory and Palos Verdes real estate “months of inventory” is considerably lower indicating the continuing demand for Palos Verdes homes. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 63 single family Palos Verdes homes for sale. 94 Palos Verdes houses are in escrow (60 homes have pending sales and 34 homes are active under contract). Additionally, 21 homes have sold/closed escrow in the first 11 days of November with an average sales price of$2,453,000.
To read my September report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.