Palos Verdes Real Estate Market Trends June 2010

By
Real Estate Agent with Remax Palos Verdes Realty

Palos Verdes Real Estate June 2010 Sales, Pending, Active Chart for 90274 and 90275

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.

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Topic:
ActiveRain Community
Location:
California Los Angeles County Palos Verdes Peninsula
Groups:
Domus Consulting Group Social Media Series I
South Bay Realtors
Tags:
palos verdes
buyer advice
seller advice
real estate trends

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Rainmaker
85,468
Nancy Tallman
Summit Sotheby's International Realty

I just completed the same analysis yesterday for Park City, UT and we are seeing the exact same trend.  Is this an early indicator of the "double dip" of real estate sales in 2010?

July 15, 2010 10:11 PM
Rainer
264,731
Vick Pacheco / Luxury Homes & Lifestyles
REALTOR, VickTheRealtor@gmail.com
Empire Network Realty / Luxury Homes & Lifestyles

Thank you for the update in your area

Wishing you the best on future sales!

July 15, 2010 10:41 PM
Rainmaker
556,060
Cherise Selley
Colorado Springs Realtor
Selley Group Real Estate, LLC

Elaine,

Good detail to your market findings.  I think real estate in general is going to go through some ups and downs for the remainder of this year.  Yet, there are Realtors doing well regardless.  And I bet that you are one of them.

July 16, 2010 11:33 AM
Anonymous
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Rainmaker
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Elaine Carlson

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