Palos Verdes real estate sales June 2020 for Palos Verdes homes increased compared to May. 54 Palos Verdes houses sold in June compared to the 31 homes sold in May and decreased compared to the 60 homes that sold in June 2019. There were 72 Palos Verdes single family homes pending in June which increased from the 56 homes pending in May. The number of active Palos Verdes homes for sale in June (154) increased from the 132 homes for sale in May.
Average sales price for Palos Verdes homes sold in June decreased to $1,748,000 compared to $1,789,000 in May, and decreased from the $1,823,000 in June 2019. Price per square foot for Palos Verdes houses that sold/closed escrow in June increased to $653 from $606 in May. Average days on market in June was 53 days which decreased from the 63 days in May. Months of inventory (months it would take to sell existing inventory at the current rate of sale) decreased to 2.5 months in June for Palos Verdes homes for sale compared to 4.3 months in May. A “normal” or balanced market is considered 3 months of inventory and Palos Verdes real estate “months of inventory” is lower indicating the continuing demand for Palos Verdes homes. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 142 single family Palos Verdes homes for sale. 116 Palos Verdes houses are in escrow (48 homes have pending sales and 68 homes are active under contract). Additionally, 11 homes have sold/closed escrow in the first 10 days of June with an average sales price of $2,000,455.
To read May’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.