First, sales volume has been increasing over this year, particularly as many home buyers are encouraged to enter a market they might have otherwise sat out on because of the government's plan to offer thousands of dollars in tax rebates for home buyers. In October, there were 66 homes sold and 76 sales pending, double the figure from October of 2008, though down just slightly from August's yearly high of 76.
The average price for houses and condos sold in October was $1.14 million, working out to $471 per square foot, up from just $452 per square foot in October of last year. The median price was $1.0 million, up from $962,000 in October of last year, but down slightly from higher figures in May of this year. Though just experiencing slight increases, these signs point that the Palos Verdes real estate market is headed back in the right direction.
Meanwhile, inventory in this high-priced neighborhood is down as well. There were 292 homes for sale in Palos Verdes in late November, the lowest figure in nearly a year and a half, accounting for just a 4.4-month supply. October featured an unlikely spike back up in the average number of days homes are spending on the market, up to 110 days from figures in the 70s over the past four months.