It may seem as though the seller’s market will stick around indefinitely, but as we know, change is one of the certainties of life. However, based on the hunger level for new listings, I believe similar market conditions will remain for another year or so. Sellers still have time to prepare their property for sale; buyers must participate or wait on the sidelines. However, there are some indications the white-hot market may be edging toward a cooling trend. Based on my experience, an offer I wrote at the beginning of 2021 received over twenty submissions; one written last week for a similar property and in a similar location and condition received only seven purchase offers. Yes, I know buyers will not find much comfort in those stats, but there was no frenzy in the most recent property presentation, whereas the earlier listing had a circus-like feel to the showing schedule.

Palos Verdes home value increases from September 2020 to September 2021:

Palos Verdes Estates up 15%

Rolling Hills up 16%

Rolling Hills Estates up 20%

Rancho Palos Verdes up 22%

Those are tremendous increases for 12 months. The seller’s market may begin to stabilize during 2022 as these types of gains are unsustainable. However, I expect these gains to hold as low inventory remains a driving force in the Palos Verdes real estate market.

My advice to sellers is to begin now to prepare your home for sale if you’re thinking about listing it this spring. For buyers, it’s essential to present your first offer as your best offer. There’s no guarantee you will receive a second chance via a counter offer in the still-hot Palos Verdes real estate market.

Norma Toering

Broker/Owner Charlemagne International Properties

310.493.8333 or No***@*******************es.com

DRE 01147470