Palos Verdes Lifestyle - Norma Toering 310-493-8333

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Palos Verdes Luxury Homes--August 2016 Report

It's not too late to catch the wave!
It's not too late to catch the wave!

 

August is often accompanied by a slowing of the real estate market.  After all, it is the last month of summer vacation, and the back-to-school rush is upon us as well.  It is no surprise house hunting often falls lower on the priority list. However, it is not too late to catch the strong real estate market wave Palos Verdes continues to enjoy.

 

The luxury market is defined (by me) as those homes priced at or above $3,000,000.  At the current time, properties in the luxury price range comprise nearly one-fourth of all single-family homes listed for sale in Palos Verdes.

 

Palos Verdes Luxury Homes Currently For Sale:  57 Single-family Palos Verdes luxury homes are listed for sale priced at or above $3,000,000.

Palos Verdes Luxury Homes Pending Sales:  14 Palos Verdes luxury homes are in escrow with accepted offers.

Palos Verdes Luxury Home Sales for July 2016: Six Palos Verdes luxury homes closed escrow during the month of July.

Palos Verdes Luxury Home Sale Year-To-Date:  36 as of August 1, 2016.

There are 241 single-family homes currently for sale on the Palos Verdes Peninsula.  

 

 

Market Trends:  Inventory is increasing, and appreciation is slowing in the general market.  The raging seller's market of years past is cooling as the local Palos Verdes real estate market moves to a neutral market.  The higher prices are a factor in slowing the pace of the market, but attractive interest rates continue to fuel buyers' desire to purchase a home and lock in a rate below 4%.

 

There is no question the market is becoming more competitive for sellers.  Make sure your property is positioned to compete and win the purchase contract.  The location is still key, but condition and pricing play important roles in the sale of any property.

Sell Smart, Buy Wise and Live Well

Norma Toering - Real Estate BrokerNorma Toering & Team
Broker-Owner - Charlemagne International Properties
310.493.8333 - Email Norma

 

 

 

 

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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.

Comments

Interesting!   Love that beach photo....

Posted by Li Read, Caring expertise...knowledge for you! (Sea to Sky Premier Properties (Salt Spring)) over 2 years ago

Norma Toering Broker for Palos Verdes and Beach Cities in Minot ND you could knock a zero off your definition of a luxury home.

Posted by Bob "RealMan" Timm, Bob Timm, Project Coordinator for Tivoli Homes (Tivoli Custom Homes) over 2 years ago

Done!  Thanks for the proofread.

Posted by Norma Toering Broker for Palos Verdes and Beach Cities, Palos Verdes Luxury Homes in L.A. (Charlemagne International Properties) over 2 years ago

Norma Toering Broker for Palos Verdes and Beach Cities - Another great real estate update for the Palos Verdes luxury home market!  Awesome summer photo!

Posted by Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com, Tahoe Real Estate Agent Helping Buyers and Sellers (Coldwell Banker, Tahoe City, CA (530) 414-1260) over 2 years ago

Thanks, Laura!  Those adorable models are my grandchildren.  :)

Posted by Norma Toering Broker for Palos Verdes and Beach Cities, Palos Verdes Luxury Homes in L.A. (Charlemagne International Properties) over 2 years ago

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