Wow, what a difference a season makes! The beginning of summer was still full of multiple offers, over-asking price sales, and a queue of buyers anxious to plunge into the white-hot local Palos Verdes real estate market. Fall finds us with continuing low inventory, buyers looking for bargains, or at least a price reduction from the seller to signal the awareness of the significant shift in the market.
The market shift arrived in PV, but its arrival was marked by gentle and slow changes rather than the hurricane force some other real estate markets received. Of the six markets I chart statistics for, four remain in a strong seller’s market; the other two, luxury homes and Rolling Hills properties, are in a neutral market favoring neither the seller nor the buyer. That’s still a very healthy market, but there is no doubt the market shift is creating changes in the Palos Verdes real estate market. The aging seller’s market refuses to give up its top dog position, but there is no denying it has lost a little of its luster.
Palos Verdes Market Report Sliders for September 2022:
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