Average sales price for Palos Verdes homes sold in October increased to $1,690,000 from $1,488,000 in September and decreased from the $1,758,000 in October 2015. Price per square foot for Palos Verdes houses that sold/closed escrow in October decreased to $579 from $591 in September. Average days on market in October increased to 63 days from the 59 days in September. Months of inventory (months it would take to sell existing inventory at the current rate of sale) decreased to 3.7 months in October for Palos Verdes homes for sale compared to 5.7 months in September. A “normal” market is considered 6 months of inventory and Palos Verdes real estate “months of inventory” is still 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 176 single family Palos Verdes homes for sale. 102 Palos Verdes houses are in escrow (44 homes have pending sales and 58 homes are under contract). Additionally, 16 homes have sold/closed escrow in the first 10 days of November.
Originally posted to Elaine Carlson's real estate blog PalosVerdesSource.com.
Chart courtesy of Trendgraphix, Inc.