Palos Verdes Real Estate Shows Continued Strength
Palos Verdes real estate continues it’s march higher. June 2012 data show more of the same good numbers we have experienced the last several months. Although we are seeing typical seasonal strength heading into the school year, there appears to be significant pent up demand. Our research indicates that we could continue to show strong demand through 2012. Shortening average days on market demonstrates this pent up demand as we are seeing multiple offer situations on a regular basis.
There was a total of 71 Palos Verdes homes sold in June . This is a considerable increase from the 56 homes that sold in May and is the highest number of monthly sales in recent memory. Pending sales in June increased to 67 from the 55 Palos Verdes single family homes pending in May. The number of active Palos Verdes homes for sale in June rose to 196 homes in June from 182 homes in May. This inventory is a welcome surprise as inventory of homes for sale has remained low for the past 7 months. Average days on market continues to decrease. Average days on market in June fell to 87 days from 104 days in May for properties sold that month.
The average sales price for Palos Verdes homes sold in June is exactly the same as May – $1,447,000. Price per square foot for Palos Verdes houses that sold/closed escrow in June decreased to $473 from $493 in May. Months of inventory (months it would take to sell existing inventory at the current rate of sale) decreased to 2.8 months for June compared to 3.3 months in May. A “normal” market is considered 6 months of inventory – Palos Verdes real estate months of inventory is less than half of a “normal” market indicating the strength of our local market .
At present, 189 single family Palos Verdes homes are active. 110 Palos Verdes houses are in escrow (51 homes have pending sales and 59 homes are accepting backup offers). In addition, 7 homes have sold/closed escrow in the first 12 days of July. This can be attributed to the Fourth of July holiday as escrow closings slowed.
Please call us for any of your real estate needs in Palos Verdes, Torrance, Manhattan Beach, or anywhere in the South Bay. We are experts in Manhattan Beach Real Estate and have extensive knowledge of the Palos Verdes Real Estate Market
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