The ups and downs of the past year presented challenges beyond our wildest expectations. Month in and month out, the real estate market continued a steady climb upward without faltering throughout the pandemic and economic uncertainty. Lagging inventory could not meet the increased demand. Many properties received overbids and multiple offers. It was not uncommon to receive three to four offers per property. It continues to be a challenging housing market for all parties.
Prices are up and inventory is low as we enter the 2021 spring and summer selling season. Until supply catches up with demand expect multiple offers and overbids to continue in the Palos Verdes real estate market. I submitted an offer this month and it was one of ten offers. Another offer I submitted was one of the 20 offers received!
At the beginning of March 2021 the Palos Verdes Peninsula had 82 single-family homes listed for sale per the Multiple Listing Service. 91 Palos Verdes residences were in escrow, and 102 PV single-family homes sold year to date.
If you are considering selling your Palos Verdes property, the market will welcome the much needed new addition.
Norma Toering, Broker/Owner of Charlemagne International Properties
310.493.8333 or email Norma@CharlemangeProperties.com