You’re not alone if you are curious about the effect the Coronavirus Pandemic is having on the local real estate market. While history will record the complete story, early opinions project the impact on housing will be less severe than the effect on the stock market. Our homes have become our shelters from the storm raging throughout the world. It’s where we feel safe, and that emotional value is impossible to quantify with a dollar amount. Home is where many of us now work, school our children, and care for those we love. The value of “home” encompasses much more than a structure and the land beneath it. This intangible value of your real estate is impossible to measure, but it plays a vital role when assessing value.
Supply and demand are crucial to real estate values. Local Palos Verdes inventory is low. There are only 135 single family homes for sale on the entire Palos Verdes Peninsula. One year ago, in May 2019, there were 230 single family PV residences for sale. However, there are 56 homes in escrow with accepted offers as of May 1, 2020. Demand continues to prop up values with the help of low inventory.
More Palos Verdes Real Estate Snapshots for May 2020:
For more information about your neighborhood of interest, contact Norma Toering at 310.493.8333 or email Norma@CharlemagneProperties.com. If you prefer, you may submit the attached contact form.
Selling Palos Verdes Properties Since 1992
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