June 2010 statistics for Palos Verdes real estate indicate a possible slowing compared to both May 2010 and June of last year. 49 single family homes sold/closed escrow in June 2010 compared to 57 in May and 54 in June 2009. However, 17 Palos Verdes homes sold/closed escrow since July 1, 2010 which is nearly 2 1/2 times as many as this time last month. 62 homes had pending sales for June, up from 58 pending sales in May. Active homes for sale in June are again up to 260 (rising for the last 5 months) although down from 301 in June 2009.
The average Sales Price in June 2010 was $1,378,000 down from $1,422,000 in May, but higher than all but two of the last ten months. Average Days on Market in June was 78 days (May was 80 days). In June, sales price/original list price was strong at 95% which is the highest in over a year. Months of inventory (months it would take to sell existing inventory at the current rate of sale) for June was 5.3 months, up from 4.2 in May but below 6 months which is considered a "normal" market. Entire charts can be accessed by clicking here.
Currently there are 269 Palos Verdes homes for sale. 102 homes are in escrow (50 homes have pending sales and 52 homes are accepting backup offers). Additionally, 17 homes have sold/closed escrow in the first 10 days of July.