Palos Verdes real estate sales May 2018 for Palos Verdes homes increased compared to April. 79 Palos Verdes houses sold in May compared to the 69 homes sold in April and decreased compared to the 92 homes that sold in May 2017. There were 104 Palos Verdes single family homes pending in May which increased from the 87 homes pending in April. The number of active Palos Verdes homes for sale in May (219) increased from the 186 homes for sale in April.
Average sales price for Palos Verdes homes sold in May increased to $1,727,000 from $1,574,000 in April and increased from the $1,569,000 in May 2017. Price per square foot for Palos Verdes houses that sold/closed escrow in May increased to $666 from April ($598). Average days on market in May increased to 40 days from 30 days in April. Months of inventory (months it would take to sell existing inventory at the current rate of sale) increased to 2.9 months in May for Palos Verdes homes for sale compared to 2.7 months in April. A “normal” market is considered 6 months of inventory and Palos Verdes real estate “months of inventory” is 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 198 single family Palos Verdes homes for sale. 107 Palos Verdes houses are in escrow (52 homes have pending sales and 57 homes are under contract). Additionally, 18 homes have sold/closed escrow in the first 8 days of June.
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.