The days of summer are waning, with summer vacation nearly over and back to school shopping well underway. If your autumn plans include either selling or buying a Palos Verdes property this market snapshot will bring you up to speed with local market conditions and trends. The real estate market is always changing and the more knowledge you have regarding past and current performance the better prepared you will be.
Number of Palos Verdes Single Family Homes Currently For Sale: 232. That's just a number until you have something to compare it to. However, when you know in January 2014 the number of Palos Verdes single family homes hovered around 100 you instantly grasp the local inventory has more than doubled. As a seller, this means the seller's market is still strong but losing ground, and you will likely have more competition when you bring your home on the market. As a buyer, this means you will have more choices. However, the number of listings vary by neighborhood--some have many, others have very few or even none.
All Real Estate Is Local: This applies down to micro neighborhoods within areas of the same city. For instance, if you want to sell or buy a home in the Ladera Linda neighborhood off Palos Verdes Drive South in Rancho Palos Verdes you will currently have a choice of one home. On the other hand, if your neighborhood of choice is Lunada Bay in Palos Verdes Estates there are 29 single family homes for sale. Availability varies from neighborhood to neighborhood.
Price Plays a Role in Supply and Demand: Currently there are only 26 Palos Verdes homes for sale priced under $1,000,000 with 17 being in the Eastview area of Rancho Palos Verdes. However, there are over 200 homes topping the million dollar price point for sale in Palos Verdes. As a Seller you will not only need to be familiar with your immediate neighborhood, but also like-kind competition in other Palos Verdes neighborhoods. As a buyer, price will play a role in which neighborhood you focus your search.
Use the links below to check out what's happening in Palos Verdes neighborhoods of interest.
Palos Verdes (Aug 2014) - Neighborhood Reports
There is lots of information here, if you would like help deciphering and interpreting it based on your real estate wants and needs, send us an email at ToeringandTeam@gmail.com and we will help you make sense of the current real estate market.
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Based on information from the Association of REALTORS®/Multiple Listing as of the initial date of this article/blog publication and /or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.