2020 is undoubtedly the year that is testing real estate markets all over the world with a pandemic, civil unrest, economic uncertainty, and many residents pondering whether it is time to leave their urban home and head for the country or a small town. Any of those conditions could spell disaster for a local market. Although Palos Verdes housing inventory is still tight, when a “Hot” listing hits the market, it often sells within a week or two.
What makes a listing “Hot”? The location, the value/price factor, the condition, and amenities such as schools, community recreation facilities, and cultural events. Throw in a stunning view, and you have a Hot Property! The luxury market for single-family homes often lags behind the overall single-family home market. Homes priced over $3,000,000 attract buyers from a smaller pool of qualified purchasers, and therefore, usually require more days on the market to find a buyer.
There are 51 Palos Verdes Estates single-family homes for sale. 20 PVE residences are in escrow with accepted offers, and 31 Palos Verdes Estates single-family homes have sold thus far in 2020. Compared to 2019, inventory is substantially lower ( 93 versus the current 51), and the number of closed sales is down as well (56 compared to this year’s 31). Many sellers are taking a “wait and see” stance that is keeping inventory tight. Some buyers see this as an opportunity to find a good deal in a less competitive marketplace. However, prices appear to be stable, with only a small tip of the hat to the pandemic and the economy. As noted by My Little Yellow Dot, the balance between inventory and sales is still favoring Palos Verdes Estates sellers.
More Palos Verdes Real Estate Snapshots for June 2020:
If you have real estate questions about your city or neighborhood, contact Norma Toering at 310.493.8333 or email Norma@CharlemagneProperties.com, or submit the attached contact form.
Selling Palos Verdes Properties Since 1992
Norma Toering, Broker/Owner
Charlemagne Intl Properties