Palos Verdes real estate sales August 2016 for Palos Verdes homes decreased compared to July. 65 Palos Verdes houses sold in August which decreased from the 68 homes sold in July and increased from the the 60 homes that sold in August 2015. There were 57 Palos Verdes single family homes pending in August which decreased from the 63 homes pending in July. The number of active Palos Verdes homes for sale in August (241) increased slightly from the 239 homes for sale in July.
Average sales price for Palos Verdes homes sold in August increased to $1,747,000 from $1,688,000 in July and decreased from the $2,031,000 in August 2015. Price per square foot for Palos Verdes houses that sold/closed escrow in August increased to $657 from $598 in July. Average days on market in August decreased to 60 days from the 66 days in July. Months of inventory (months it would take to sell existing inventory at the current rate of sale) increased to 3.7 months in August for Palos Verdes homes for sale compared to 3.5 months in July. A “normal” market is considered 6 months of inventory and Palos Verdes real estate “months of inventory” is still significantly lower 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 244 single family Palos Verdes homes for sale. 84 Palos Verdes houses are in escrow (39 homes have pending sales and 45 homes are accepting backup offers). Additionally, 9 homes have sold/closed escrow in the first 8 days of September at an average sales price of $1,571,444.
To read last month’s report on Palos Verdes Real Estate sales, click here.
Originally posted to Elaine Carlson's real estate blog PalosVerdesSource.com.
Chart courtesy of Trendgraphix, Inc.
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