July 2010 statistics for Palos Verdes real estate indicate stability when compared to June of 2010 and July of last year. 54 single family homes sold/closed escrow in July 2010 compared to 51 last month. 48 Palos Verdes homes had pending sales in July 2010 compared to 60 last month (we will keep an eye on this). Active homes for sale have been rising steadily during the Spring/Summer selling season; in July 2010 we had 282 active homes for sale compared to 260 in June.
The average price per square foot for July 2010 was $497, up slightly from $489 in June. Average Days on Market in July 2010 was only 55 days down significantly from 75 days in June. In July, sales price to original list price was strong at 94%. The Average Sales Price in July 2010 was $1,332,000 which was up from $1,316,000 in July 2009. Months of inventory (months it would take to sell existing inventory at the current rate of sale) for July was 5.2 (it was 5.1 in June) which is below 6 months which is considered a "normal" market. Entire charts can be accessed by clicking here .
Currently there are 275 Palos Verdes homes for sale. 104 homes are in escrow (55 homes have pending sales and 49 homes are accepting backup offers). Additionally, 29 homes have sold/closed escrow in the first 25 days of August.