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California Housing Update | August 2013

 

Sales of  California homes continued to escalate to yearly highs in August.  Furthermore, home
prices remained roughly flat from a month earlier, according to a new
report.

Media sales price dropped 0.6% from July to reach $361,000 in August. Buyers purchased an estimated 42,546 homes in the state last month — the highest for an August since 2006.

Throughout 2013, the housing market has continued to march higher, sending prices
soaring upward and affordability keeping down. For example, the state’s median price in
August was 28.5% higher than last year.
For instance, the Palos Verdes Real Estate market in August 2013 showed
lower inventory of homes for sale and increased number of Palos Verdes homes
sold compared to last year.  67 Palos
Verdes houses sold in August which is a decrease from the 72 homes that sold in
July and an increase from the 60 homes that sold in August 2012.  There were 78 Palos Verdes single family
homes pending in August compared to 68 in July.
The number of active Palos Verdes homes for sale in August was nearly
the same as July – 147 in August and 148 in July.

 

 

Price per square foot for Palos Verdes houses that
sold/closed escrow in August was $517, a decrease from $527 in July.  Average sales price for Palos Verdes homes
sold in August increased slightly to $1,466,000 from $1,461,000 in July.  Average days on market in August decreased t0
54 days from 56 days in July.  Months of
inventory (months it would take to sell existing inventory at the current rate
of sale) was about the same –  2.2 months
in August for Palos Verdes homes for sale and 2.1 months in July.  A “normal” market is considered 6 months of
inventory and Palos Verdes real estate “months of inventory” has been below 3
months for the last year, indicating strong Palos Verdes home values.   Entire charts can be accessed by clicking
here or on the “Statistics” tab above.
Currently, there are 158 single family Palos Verdes homes
for sale and 104 Palos Verdes houses are in
escrow (51 homes have pending sales and 53 homes are accepting backup
offers).  Additionally, 17 homes have
sold/closed escrow in the first 9 days of August.

 

Palos Verdes real estate statistics
for August 2013 show lower inventory of homes for sale and increased
number of Palos Verdes homes sold compared to last year.  67 Palos
Verdes houses sold in August which is a decrease from the 72 homes that
sold in July and an increase from the 60 homes that sold in August
2012.  There were 78 Palos Verdes single family homes pending in August
compared to 68 in July.  The number of active Palos Verdes homes for
sale in August was nearly the same as July – 147 in August and 148 in
July. 

Price per square foot for Palos Verdes houses that sold/closed escrow
in August was $517, a decrease from $527 in July.  Average sales price
for Palos Verdes homes sold in August increased slightly to $1,466,000
from $1,461,000 in July.  Average days on market in August decreased t0
54 days from 56 days in July.  Months of inventory (months it would take
to sell existing inventory at the current rate of sale) was about the
same –  2.2 months in August for Palos Verdes homes for sale and 2.1
months in July.  A “normal” market is considered 6 months of
inventory and Palos Verdes real estate “months of inventory” has been
below 3 months for the last year, indicating strong Palos Verdes home
values.
  Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 158 single family Palos Verdes homes for sale.
104 Palos Verdes houses are in escrow (51 homes have pending sales and
53 homes are accepting backup offers).  Additionally, 17 homes have
sold/closed escrow in the first 9 days of August.

– See more at:
http://palosverdessource.com/2013/09/09/palos-verdes-real-estate-outlook-august-2013-for-palos-verdes-homes/#sthash.1FDWthAm.dpuf

Palos Verdes real estate statistics
for August 2013 show lower inventory of homes for sale and increased
number of Palos Verdes homes sold compared to last year.  67 Palos
Verdes houses sold in August which is a decrease from the 72 homes that
sold in July and an increase from the 60 homes that sold in August
2012.  There were 78 Palos Verdes single family homes pending in August
compared to 68 in July.  The number of active Palos Verdes homes for
sale in August was nearly the same as July – 147 in August and 148 in
July. 

Price per square foot for Palos Verdes houses that sold/closed escrow
in August was $517, a decrease from $527 in July.  Average sales price
for Palos Verdes homes sold in August increased slightly to $1,466,000
from $1,461,000 in July.  Average days on market in August decreased t0
54 days from 56 days in July.  Months of inventory (months it would take
to sell existing inventory at the current rate of sale) was about the
same –  2.2 months in August for Palos Verdes homes for sale and 2.1
months in July.  A “normal” market is considered 6 months of
inventory and Palos Verdes real estate “months of inventory” has been
below 3 months for the last year, indicating strong Palos Verdes home
values.
  Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 158 single family Palos Verdes homes for sale.
104 Palos Verdes houses are in escrow (51 homes have pending sales and
53 homes are accepting backup offers).  Additionally, 17 homes have
sold/closed escrow in the first 9 days of August.

– See more at:
http://palosverdessource.com/2013/09/09/palos-verdes-real-estate-outlook-august-2013-for-palos-verdes-homes/#sthash.1FDWthAm.dpuf

Palos Verdes real estate statistics
for August 2013 show lower inventory of homes for sale and increased
number of Palos Verdes homes sold compared to last year.  67 Palos
Verdes houses sold in August which is a decrease from the 72 homes that
sold in July and an increase from the 60 homes that sold in August
2012.  There were 78 Palos Verdes single family homes pending in August
compared to 68 in July.  The number of active Palos Verdes homes for
sale in August was nearly the same as July – 147 in August and 148 in
July. 

Price per square foot for Palos Verdes houses that sold/closed escrow
in August was $517, a decrease from $527 in July.  Average sales price
for Palos Verdes homes sold in August increased slightly to $1,466,000
from $1,461,000 in July.  Average days on market in August decreased t0
54 days from 56 days in July.  Months of inventory (months it would take
to sell existing inventory at the current rate of sale) was about the
same –  2.2 months in August for Palos Verdes homes for sale and 2.1
months in July.  A “normal” market is considered 6 months of
inventory and Palos Verdes real estate “months of inventory” has been
below 3 months for the last year, indicating strong Palos Verdes home
values.
  Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 158 single family Palos Verdes homes for sale.
104 Palos Verdes houses are in escrow (51 homes have pending sales and
53 homes are accepting backup offers).  Additionally, 17 homes have
sold/closed escrow in the first 9 days of August.

– See more at:
http://palosverdessource.com/2013/09/09/palos-verdes-real-estate-outlook-august-2013-for-palos-verdes-homes/#sthash.1FDWthAm.dpuf

Palos Verdes real estate statistics
for August 2013 show lower inventory of homes for sale and increased
number of Palos Verdes homes sold compared to last year.  67 Palos
Verdes houses sold in August which is a decrease from the 72 homes that
sold in July and an increase from the 60 homes that sold in August
2012.  There were 78 Palos Verdes single family homes pending in August
compared to 68 in July.  The number of active Palos Verdes homes for
sale in August was nearly the same as July – 147 in August and 148 in
July. 

Price per square foot for Palos Verdes houses that sold/closed escrow
in August was $517, a decrease from $527 in July.  Average sales price
for Palos Verdes homes sold in August increased slightly to $1,466,000
from $1,461,000 in July.  Average days on market in August decreased t0
54 days from 56 days in July.  Months of inventory (months it would take
to sell existing inventory at the current rate of sale) was about the
same –  2.2 months in August for Palos Verdes homes for sale and 2.1
months in July.  A “normal” market is considered 6 months of
inventory and Palos Verdes real estate “months of inventory” has been
below 3 months for the last year, indicating strong Palos Verdes home
values.
  Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 158 single family Palos Verdes homes for sale.
104 Palos Verdes houses are in escrow (51 homes have pending sales and
53 homes are accepting backup offers).  Additionally, 17 homes have
sold/closed escrow in the first 9 days of August.

– See more at:
http://palosverdessource.com/2013/09/09/palos-verdes-real-estate-outlook-august-2013-for-palos-verdes-homes/#sthash.1FDWthAm.dpuf

However, recently, the white-hot market has shown some signs of cooling as
many areas see more homes for sale and interest rates have risen. In
Southern California, the median price has remained at $385,000 for three
consecutive months.

For instatnce, in the San Francisco Bay area the median price fretreated 3.9% from July to $540,000 in
August, although some can be attributed to
seasonal sales trends which tend to be more dramatic in that region. The volatility was seen on the positive side this year a prices
in that tech-flush market are  up 31.7%

The median is the point at which half the homes sold for more and
half sold for less. Therefore, it is influenced not only by rising or
falling home values, but also the mix of homes selling at a given point.

Across the state, sales rose 3.1% from last year, but were 1.9%
lower than July. Homes that were foreclosed on within the last year
continued to make up a declining percentage of existing home sales,
reaching the lowest level since July 2007.

According to PV Brokers, despite strong demand in August, sales are 11% below
their average level for that month since 1988, when the firm’s
statistics begin. A The mean for August is about $120,000 below its peak indicating that we have not quite reached bubble territory yet.

Palos Verdes real estate statistics
for August 2013 show lower inventory of homes for sale and increased
number of Palos Verdes homes sold compared to last year.  67 Palos
Verdes houses sold in August which is a decrease from the 72 homes that
sold in July and an increase from the 60 homes that sold in August
2012.  There were 78 Palos Verdes single family homes pending in August
compared to 68 in July.  The number of active Palos Verdes homes for
sale in August was nearly the same as July – 147 in August and 148 in
July. 

Price per square foot for Palos Verdes houses that sold/closed escrow
in August was $517, a decrease from $527 in July.  Average sales price
for Palos Verdes homes sold in August increased slightly to $1,466,000
from $1,461,000 in July.  Average days on market in August decreased t0
54 days from 56 days in July.  Months of inventory (months it would take
to sell existing inventory at the current rate of sale) was about the
same –  2.2 months in August for Palos Verdes homes for sale and 2.1
months in July.  A “normal” market is considered 6 months of
inventory and Palos Verdes real estate “months of inventory” has been
below 3 months for the last year, indicating strong Palos Verdes home
values.
  Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 158 single family Palos Verdes homes for sale.
104 Palos Verdes houses are in escrow (51 homes have pending sales and
53 homes are accepting backup offers).  Additionally, 17 homes have
sold/closed escrow in the first 9 days of August.

– See more at:
http://palosverdessource.com/2013/09/09/palos-verdes-real-estate-outlook-august-2013-for-palos-verdes-homes/#sthash.1FDWthAm.dpuf

Palos Verdes real estate statistics
for August 2013 show lower inventory of homes for sale and increased
number of Palos Verdes homes sold compared to last year.  67 Palos
Verdes houses sold in August which is a decrease from the 72 homes that
sold in July and an increase from the 60 homes that sold in August
2012.  There were 78 Palos Verdes single family homes pending in August
compared to 68 in July.  The number of active Palos Verdes homes for
sale in August was nearly the same as July – 147 in August and 148 in
July. 

Price per square foot for Palos Verdes houses that sold/closed escrow
in August was $517, a decrease from $527 in July.  Average sales price
for Palos Verdes homes sold in August increased slightly to $1,466,000
from $1,461,000 in July.  Average days on market in August decreased t0
54 days from 56 days in July.  Months of inventory (months it would take
to sell existing inventory at the current rate of sale) was about the
same –  2.2 months in August for Palos Verdes homes for sale and 2.1
months in July.  A “normal” market is considered 6 months of
inventory and Palos Verdes real estate “months of inventory” has been
below 3 months for the last year, indicating strong Palos Verdes home
values.
  Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 158 single family Palos Verdes homes for sale.
104 Palos Verdes houses are in escrow (51 homes have pending sales and
53 homes are accepting backup offers).  Additionally, 17 homes have
sold/closed escrow in the first 9 days of August.

For more information about Palos Verdes Real Estate and South Bay or buying and selling a home on the Palos Verdes Peninsula, visit my website at http://pvbrokers.net . We provide specialized attention for all your real estate needs in the South Bay Los Angeles and the Palos Verdes Peninsula. We would love to hear your comments or suggestions.

 


 

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PV Brokers provides residential real estate services in the Los Angeles County South Bay communities of Palos Verdes Estates, Palos Verdes Peninsula, Rancho Palos Verdes, Rolling Hills Estates, Rolling Hills, Redondo Beach, Hermosa Beach, Manhattan Beach, Torrance and San Pedro. As a boutique Realty, our Palos Verdes Real Estate agents and palos verdes brokers are committed to giving our clients specialized service and attention. For more information on Palos Verdes real estate, palos verdes homes for sale, palos verdes foreclosures, homes for sale in Palos Verdes, palos verdes market information in addition to quality information on homes for sale, visit www.pvbrokers.net .

                                  
          
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