I reached for a jacket for the first morning in a long time before I walked out the door to take Faye for her early morning stroll. Fall is definitely in the air, and what does that mean for the local Palos Verdes housing market? A few subtle changes perhaps, but for the most part it will be business as usual as we head into the closing months of 2015.
We are waiting to receive signed listing paperwork from clients who are making adjustments in their investment portfolio. The fourth quarter is an excellent time to review and adjust your real estate holdings. Perhaps it is time to invest or divest–the end of the year is the perfect time to tweak a real estate investment portfolio.
We have a panoramic ocean view condo for sale in the Ocean Terrance condo complex in Rancho Palos Verdes. Again, this is a client making adjustments to his real estate portfolio, and we’re madly trying to locate a home for our move-up buyers so we can still list their Rolling Hills Estates home this fall.
An out-of-the-country buyer is ready to purchase when the right ocean view (and remodeled house) comes on the market. As always, we continue to research and post informative articles on our various websites and real estate blogs. Josh and I preview Palos Verdes properties on a weekly basis for our clients, and to stay current on prices and inventory. It keeps a body busy!
The whiteboard behind my desk tracking upcoming business is sporting a few new entries, but there is ample room for more Palos Verdes listings both on my list and on the Multiple Listing Service. Inventory remains a challenge for both buyers and agents.
Here’s an update on homes for sale and homes sold on the Palos Verdes Peninsula during September 2015:
198 Palos Verdes Single Family Homes are currently for sale.
113 Palos Verdes Single Family Homes are currently in escrow with accepted offers.
61 Single Family Homes in Palos Verdes sold during the month of September 2015.
It’s clear at this rate of absorption, the current inventory will soon be depleted if the number of homes listed for sale decline during the holiday months. This is a strong reason to list your property during the fourth quarter–demand is still high, but supply is lower.
Let’s review the same statistics for Palos Verdes condos and townhouses:
13 Palos Verdes condos and townhouses sold during September 2015.
20 Palos Verdes condos and townhouses are in escrow with accepted offers.
35 Palos Verdes condos and townhouses are currently for sale.
The Palos Verdes condo/townhouse market inventory is small when compared to the number of single family homes in each of the categories. However, if no new properties are listed at the current rate of absorption there is roughly a 45-day supply to satisfy demand.
In summary, whether you have a single family property or a condo/townhouse to sell, your property will be entering a real estate market still favoring sellers by a wide margin as we wrap up 2015 and look ahead to 2016.
Contact us today to book your free one-hour consultation on how to sell your property for the highest and best price the market will support. It’s a call worth making!