It’s been a sizzling summer on the Palos Verdes Peninsula, but the temperature of the local real estate market has cooled as the thermometer headed skyward. April’s market slider was 1.8 on my Little Yellow Dot sliding scale; August comes in at 2.7 by the same measurement. This change translates to a slight move toward a balanced market favoring neither the seller nor the buyer. However, we are still in a seller’s market albeit a weakening one.
The spring market compared to the summer market of 2018:
There are 216 single-family homes for sale on the Palos Verdes Peninsula. This number is a slight increase over last month’s inventory.
80 Palos Verdes single family homes are in escrow with accepted offers.
403 Single-family Palos Verdes residences have sold year-to-date.
Other Palos Verdes Market Snapshots for August 2018:
Maybe the market shift is due to the dog days of summer, but let’s remember real estate tends to move in a 10-year cycle and Palos Verdes has enjoyed a robust seller’s market for several years.
Homes sell in every market, but those selling for top dollar in a neutral or buyer’s market are prepared and presented to win offers in a more competitive market.
For more information about homes in your neighborhood contact Norma Toering at 310.493.8333 or email Norma@CharlemagneProperties.com.
Selling Palos Verdes Properties Since 1992