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.
The Palos Verdes luxury home market for homes priced at or above $3,000,000 currently has seven high-end homes in escrow with accepted offers, 56 luxury residences are for sale, and 24 upscale properties have sold thus far in 2020. One year ago (June 2019), there were 66 PV luxury homes for sale, nine were in escrow, and 27 transactions recorded YTD per MLS records. Given the conditions all markets are dealing with at the moment, these statistics are encouraging.
More Palos Verdes Real Estate Market Snapshots for June 2020:
For more information about your city or neighborhood of interest, contact Norma Toering at 310.493.8333 or email Norma@CharlemagneProperties.com. You may also submit the attached contact form.
Selling Palos Verdes Properties Since 1992
Norma Toering Broker/Owner
Charlemagne Intl Properties