On the day I pulled the statistics for Palos Verdes luxury homes, those properties priced at or above $3,000,000, there were 49 single-family properties for sale on the entire Palos Verdes Peninsula. Only six homes in the price category were in escrow with accepted offers. These numbers translate to a real estate market favoring buyers of Palos Verdes luxury homes.
Sellers, don’t despair if you have plans to sell your Palos Verdes luxury residence. The luxury home market is heating up as the spring and summer selling season approaches. There are always buyers for homes that are appropriately prepped for sale and priced within market value. Some of the luxury homes currently for sale are racking up weeks and months on the market due to overly optimistic pricing. The seller’s motivation is an essential factor, and the price often reflects the seller’s desire to move the property or hold it and wait for the right buyer. When the price is in line with the market value, it’s rare for a buyer not to appear. There’s no magic involved, but market knowledge is undoubtedly present.
There are markets within markets and here are the snapshots of other Palos Verdes real estate markets for March 2018:
For more information about a particular Palos Verdes neighborhood contact Norma Toering at 310.493.8333 or email Norma@CharlemagneProperties.com