Isn't this a buyers market? Are sellers giving their properties away? Good questions.
I like my clients and customers to be informed, and I work very hard to make sure they have up-to-date information on the real estate market. Sharing my "insider secrets" is one of the perks of working with an agent who is a bit of a statistic fanatic. Blame the statistics course I took in college, but those numbers do tell the story--sometimes more than one story.
Take today. I passed along to a buyer the "insider news" that some homes under $1,000,000 in Palos Verdes are receiving multiple offers,and I expect this phenomenon to increase as more first time buyers enter the market and the trickle up effect comes into play. This prospective buyer believes the buyers market is a big comfortable blanket covering all of Palos Verdes. Not so.
Here's what the numbers say:
Single Family Homes under $1,200,000 are experiencing a Sellers Market.
Single Family Homes from$1,200,000 to $1,500,000 are in a Buyers Market.
Single Family Homes from $1,500,000 to $2,000,000 are in a Neutral Market.
Single Family Homes priced over $2,000,000 are in the strongest Buyers Market I have ever worked.
These are the facts, they are not sprinkled with fairy dust.
So the market you'll be working with in Palos Verdes depends upon the price of the home you will be selling or purchasing.
A little confused? Based on a the current listings in each price range, and the current properties in escrow it is easy to determine not only the local market activity, but the absorption rate in each price range.
We have several different and distinct climates on the Palos Verdes Peninsula and it appears we have several different real estate markets too.
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800
South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach.
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Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333
PalosVerdesLifestyle- Norma's award winning site as the best Palos Verdes homes and real estate blog since 2007. Selected by Relocation.com as one of the top ten Los Angeles area real estate blogs. Chosen by MovingCost.com as one of the best Los Angeles realty blogs. Awarded 5 out of 5 stars by Lender411 blog review. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.
South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. 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.
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Nice touch with the fairy dust Norma!
It's important to educate the buyers of the LOCAL statistics otherwise they get all tied up in the MEDIA that really has no clue......I often say to my buyers "well the media can say that the weather across the US is averaging 50 degrees - but hey it's 70 in CA and 20 in Cleveland - can you really compare that! Which market do you want to really know about - the average across the US or the one you want to live in!
Colleen
Media-hype is so confusing to consumers. They may help ratings, but that's about it! -Erika
Colleen - Nice response, and one clients can relate to.
Erika - It is up to us to break our statistics down and make them meaningful for consumers.
Norma,
Interesting stats one of the things that has been hurting our profession is all of the negative press
the more information we can get out of the good news the more it will boost the general public
confidence.