Average sales price for Palos Verdes homes sold in August decreased to $2,025,000 compared to $2,230,000 in July, and increased from the $1,781,000 in August 2019. Price per square foot for Palos Verdes houses that sold/closed escrow in August decreased to $691 from $728 in July. Average days on market in August was 49 days which increased from the 35 days in July. Months of inventory (months it would take to sell existing inventory at the current rate of sale) decreased to 1.7 months in August for Palos Verdes homes for sale compared to 1.9 months in July. 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 126 single family Palos Verdes homes for sale. 109 Palos Verdes houses are in escrow (65 homes have pending sales and 44 homes are active under contract). Additionally, 24 homes have sold/closed escrow in the first 10 days of September with an average sales price of $2,458,047.
Originally posted to Elaine Carlson's real estate blog PalosVerdesSource.com.
Chart courtesy of Trendgraphix, Inc.