Average sales price for Palos Verdes homes sold in April increased to $1,913,000 from $1,718,000 in March and increased from the $1,799,000 in April 2018. Price per square foot for Palos Verdes houses that sold/closed escrow in April increased to $670 from March ($648). Average days on market in April decreased to 60 days from 74 days in March. Months of inventory (months it would take to sell existing inventory at the current rate of sale) increased to 4.6 months in April for Palos Verdes homes for sale compared to 3.1 months in March. A “normal” market is considered 6 months of inventory and Palos Verdes real estate “months of inventory” is lower indicating the higher demand for Palos Verdes homes. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 239 single family Palos Verdes homes for sale. 95 Palos Verdes houses are in escrow (46 homes have pending sales and 49 homes are under contract). Additionally, 21 homes have sold/closed escrow in the first 9 days of May.
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.