Palos Verdes Real Estate Sales March 2014 For Palos Verdes Homes

Palos Verdes Real Estate Sales March 2014 For Palos Verdes Homes

Palos Verdes real estate sales for March 2014 for Palos Verdes homes indicates an increase in sales compared to February and all other Palos Verdes real estate outlook benchmarks have improved also.  47 Palos Verdes houses sold in March which increased from the 31 homes sold in February and decreased from the 69 homes that sold in March 2013.  There were 66 Palos Verdes single family homes pending in March compared to 36 in February.  The number of active Palos Verdes homes for sale in March increased to 143 homes from 126 homes in February. 

Average sales price for Palos Verdes homes sold in March increased significantly to $1,601,000 from $1,310,000 in February and from the $1,362,000 in March 2013.  Price per square foot for Palos Verdes houses that sold/closed escrow in March also increased to $588 from $506 in February.   Average days on market in March was 68 days which is a significant decrease from 81 days in February.  Months of inventory (months it would take to sell existing inventory at the current rate of sale) decreased to 3 months in March for Palos Verdes homes for sale compared to 4.1 months in February.  A “normal” market is considered 6 months of inventory and Palos Verdes real estate “months of inventory” is half of that indicating the continuing high demand for Palos Verdes homes.   Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 146 single family Palos Verdes homes for sale.  84 Palos Verdes houses are in escrow (38 homes have pending sales and 46 homes are accepting backup offers).  Additionally, 15 homes have sold/closed escrow in the first 10 days of April.

Originally posted to Elaine Carlson's real estate blog at www.PalosVerdesSource.com

Chart courtesy of Trendgraphix, Inc.