Some people expected the housing market to come to a grinding halt when the Coronavirus pandemic swept through the nation. I, for one, thought selling or buying a home during a national health crisis would fall to the bottom of most people’s 2020 priority list. Instead, the Palos Verdes housing market weathered the health plague with continued strength and tenacity. The seller’s market continued.
Buyers donned masks, gloves, shoe covers, and hand sanitizing wipes as they forged ahead on their quest to find a house in Palos Verdes. Sellers opened their homes to prospective buyers after taking the necessary precautions to ensure a safe showing. It was a bit bizarre to suit up prior to viewing a property, but it also revealed the importance of finding a new home during a time unlike any other. The showings continued.
The already depleted inventory dipped to new lows as demand outstripped supply month after month. Prime properties received a recording-setting number of offers, and home prices headed up. On average, 2020 prices increased around 8% to 10% for most properties on the Palos Verdes Peninsula.
Home became more important than ever as people sought safety from an invisible enemy. Home is where life happened in 2020; it became the office, school, and entertainment and recreation hub on a daily basis. As people restructured their daily lives the need for more space was often the catalyst for making a move. For others, the realization that life can change in a heartbeat convinced them not to delay the move they planned to make “someday.”
Inventory remains in short supply. Early April 2021 statistics revealed only 88 single-family homes for sale on the entire Palos Verdes Peninsula. Pre-pandemic in December 2019 there were 173 Palos Verdes single-family homes listed for sale. It’s a frustrating market for prospective buyers. However, with vaccination rate on the rise, and interest rates inching up slightly, sellers may want to consider selling their home. This market will welcome all new additions.
As the economy cautiously reopens, my prediction is we will see a slight uptick in the number of new listings, but it will take quite some time for inventory to reach pre-pandemic levels. Hopefully, buyers will have a few more options, but the seller’s market is not over yet. There’s still time to catch the wave!
Selling you home is a process, and it begins with you deciding the time is right to make a move. Once that decision is made, it is time to call a professional to help you manage the preparation and presentation of your home.
You may reach me at 310.493.8333 or email Norma@CharlemagneProperties.com
Norma Toering, Broker/Owner, DRE 01147470
609 Deep Valley Dr., #200, Rolling Hills Estates, CA