In years past, the Palos Verdes real estate market roared loud and clear with big price increases, and multiple offers as buyers gobbled up what little inventory became available. That was 2021 and 2022; 2023 was tamer and better balanced without the big market swings. I expect 2024 to continue the trend toward a more balanced market.

The local real estate market continues to be ruled by sellers, but the buyers finally have a voice in negotiations and prices.

The overall Palos Verdes real estate market comes in at 1.8 on my Little Yellow Slider market measurer, with 1 being a strong seller’s market and 10 a strong buyer’s market.

Single Family Homes for sale in Palos Verdes: 88

Single Family Homes in escrow with accepted offers: 48

Single Family Homes sold in 2023: 483

The luxury home market for properties priced at or above $5,000,000 is a balanced market favoring neither the seller nor the buyer. Rolling Hills is the only Palos Verdes sub-market favoring buyers.

I hope 2023 will be remembered fondly, your holidays will be merry and bright, and I hope 2024 will bring good things your way!