Palos Verdes Estates February Home Sales

Palos Verdes Estates home sales continue to widen the gap from what we saw here last year.  There were nine closings last month, which happens to be the same as in January.  These 18 finalized sales had a median price of $1,362,500.  For the first two months of last year, the total number of closed sales was only nine and the median price for these sales was $1,240,000.  An additional six homes were sold and entered escrow in February, bringing the number of open escrows to 32.  This suggests that the increased sales pace will very likely continue through March and into April.

The highest price closed sale last month was for a 7,700 sq. ft. home in Monte Malaga.  The final price was $3,510,000 for this impressive home.  As may not be a surprise to people familiar with this area, it still takes a significant amount of money to buy a Palos Verdes Estates home.  The least expensive closing in February was priced at $600,000.  For this, the buyer gets a 37 year old, two bedroom condo in Lunada Bay.  Interestingly, as we saw in Rancho Palos Verdes, there are very few newer homes on the market here.  Of the 18 closed sales through the end of this past month, only one was built after 1985.

The total current inventory is pretty much unchanged from last month with 81 active listings on the market.  This, in spite of the fact that 18 homes were added to the market over the course of the month.  Last year there were 123 homes sold in Palos Verdes Estates, so the number of sales for this year-to-date bode well for an unqualified turnaround here in 2010.  The solid number of homes in escrow and the addition of new listings to the market may very well help sustain the impressive sales pace of this year thus far.

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