Palos Verdes Homes Sales October 2022
Palos Verdes real estate sales October 2022 for Palos Verdes homes decreased compared to September. 37 Palos Verdes houses sold in October compared to 50 homes in September and decreased compared to the 58 homes that sold in October 2021. There were 43 Palos Verdes single family homes pending in October which increased from the 38 homes pending in September. The number of active Palos Verdes homes for sale in October (94) decreased from the 114 homes for sale in September.
Average sales price for Palos Verdes homes sold in October increased to $2,446,000 compared to $2,146,000 in September, and decreased from the $2,611,000 in October 2021. Price per square foot for Palos Verdes houses that sold/closed escrow in October decreased to $854 from $887 in September. Average days on market in October was 44 days which increased from 21 days in September. Months of inventory (months it would take to sell existing inventory at the current rate of sale) was 2.5 months in October which increased from 2.3 months in September for Palos Verdes homes for sale. A “normal” or balanced market is considered 3 months of inventory. The Palos Verdes real estate market has slowed in the past few months as interest rates have climbed higher. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 90 single family Palos Verdes homes for sale. 55 Palos Verdes houses are in escrow (32 homes have pending sales and 23 homes are active under contract). Additionally, 9 homes have sold/closed escrow in the first 10 days of November.
To read my September report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.