The luxury home market for homes priced over $3,000,000 on the Palos Verdes Peninsula showed a slight uptick in accepted offers, but the market continues to favor buyers due to the number of luxury homes listed for sale in comparison to the number of homes sold. Supply far outstrips demand in the high-end real estate market on the Palos Verdes Peninsula.
However, there are seven Palos Verdes luxury homes priced over $3,000,000 in escrow with accepted offers, but 67 luxury properties are actively for sale. 34 Palos Verdes luxury homes ( $3 mm+) have sold thus far in 2018.
The most exciting happening in the Palos Verdes luxury home market in July was a residence in Rolling Hills listed for $40,000,000 went under contract. I’ll continue to watch that one for a closed sale price. If the final sale price is anywhere near the asking price, it will set a new high for Palos Verdes luxury listings.
More Palos Verdes Market Snapshots for August 2018:
For more information regarding selling or buying a Palos Verdes luxury home contact Norma Toering at 310.493.8333 or email Norma@CharlemagneProperties.com.
Selling Palos Verdes Properties Since 1992