Homes for Sale, Sold and Time of Close by the Numbers
For July 2018, a total of 239 homes in Palos Verdes Peninsula, CA were for sale. The number of Homes for Sale that sold was 101 in July 2018 vs. 137 in June 2018 and 142 that sold in July 2017. Of the 101 homes under contract to close during the month of July 2018, the median time marketed for sale was 9 days. Compared to June 2018, the median time on market was 12 days. In relation to the homes for sale that were competitively priced in Palos Verdes Peninsula, the homes that sold over the prior 6-months were selling within a range of 10 to 21 median number of days (i.e., the time-period a home is marketed until the time it goes into escrow for the closing).
A Close Look of Stats Data
- • The Number of Closed Sales of homes for sale that sold was 101 in July 2018 compared to 137 during June 2018 and 142 in July 2017.
- • The Number of Active Listings of homes for sale was 239 in July 2018 compared to 248 during June 2018 and 272 in July 2017.
- • Median Sale Price for these homes that sold was $999,888 in July 2018 compared to $1,130,000 during June 2018 and $1,007,500 in July 2017.
- • Median Price per Square Foot for these homes that sold was $552 in July 2018 compared to $559 during June 2018 and $524 in July 2017.
- • Median Days on Market for the homes that sold was 9 in July 2018 compared to 12 days during June 2018 and 13 days in July 2017.
- • The Inventory on Months-of-Supply of homes for sale based on rolling 3-months of activity was 2.6 in July 2018 compared to 2.6 during June 2018 and 2.7 in July 2017. (Note: This index is typically represented as a MSI number.)
Check out the following Market Activity charts for this area:
Data Analytics, Market Insight And Effects
The 101 homes sold that actually closed represented 42.3 percent of 239 available homes for sale in Palos Verdes Peninsula, CA during July 2018. The sold price for Palos Verdes Peninsula, CA homes has retracted over the prior 6-months period. In comparison, recent sold price was down by 0.8 percent versus a year ago. And, this month’s median sold price for these homes that sold has decreased 11.5 percent in July 2018 compared to June 2018. The month’s medan price-per-square-foot for homes that sold fell 1.3 percent from June 2018, and for the 12-month period it gained 5.3 percent from July 2017 continuing a positive annual trend going forward.
Homes in July were selling faster than the month earlier. Based on recent rolling 3-month home sales activity, the months-supply index (MSI) of 2.6 suggests that it would take 2.6 months to deplete all remaining inventory of homes on the market if no additional homes was added to the market supply for sale. This shows healthy market absorption of housing inventory of Palos Verdes Peninsula, CA homes for sale. At this MSI level, it translates to a market absorption rate of 38.5 percent and demonstrates strong buyer demand.
Some Homes Did Not Sell
Typically, homes are listed for sale on the market over a period of 90 – 120 days, or sometimes longer. Over the last 4-months period, the number of homes that did not sell was 9 in Palos Verdes Peninsula. There are different reasons why some homes do not sell in any market condition. Homes that did not sell during their listing period would become expired listings. If homeowners want to move forward with their plan, with the right approach the home sale they want is still within reach. However, before putting the home back on the market, homeowners need to take a step back and review their situation.
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About the author: The above information regarding “Palos Verdes Peninsula, CA Real Estate Market Activity Snapshot For July 2018” was contributed by Lum Hugh. Lum has over 20 years of experience in real estate acquisition, investment and management.If you’re thinking of selling, buying or investing in real estate, Lum will be happy to share his knowledge and expertise as well as provide guidance for your real estate needs.
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