It is not the Spring we expected, it is not the Spring we wanted, but it is the Spring we have, and all things considered, the local real estate market is moving forward. I pulled these Palos Verdes Estates real estate statistics on May 1, 2020:
There are 50 PVE single-family homes for sale. Six Palos Verdes Estates residences are in escrow with accepted offers, and 30 PVE single-family properties have sold thus far in 2020. Let’s take a quick look back to one year ago. May 2019 numbers for the same stats were as follows: 78 single-family homes were for sale. 26 PVE residences were in escrow with accepted offers, and 44 single-family homes had sold year-to-date. Listings are down substantially from a year ago,, and the number of pending sales took a deep dive. One year ago, Palos Verdes Estates ranked a three on my Little Yellow Dot Slider; May 2020 finds PVE at 8.3.
The above numbers were not a surprise, but what remains to be seen is how fast a bounce back will come. I’m not expecting a V-shaped recovery. Markets often fall more quickly than they recover. With the economy and a pandemic at play, the outcome is unknown. However, as is the case in most markets, properties deemed “hot” due to price, location, condition, and amenities continue to sell at a healthy pace.
More Palos Verdes Real Estate Snapshots for May 2020:
For more information about selling or buying a Palos Verdes home during 2020, contact Norma Toering at 310.493.8333 or email Norma@CharlemagneProperties.com. We have showing instructions in place to protect both sellers and buyers, as we guide our local real estate clientele through these unprecedented times.
Selling Palos Verdes Properties Since 1992
Norma Toering, Broker/Owner
Charlemagne International Properties