January is typically a rather slow month for real estate activity. The weeks between the holidays and the Super Bowl are notoriously slow. This year may not be following the usual trend according to the number of sales posted for the month. 43 Palos Verdes single family homes sold during the month of January 2014. Rancho Palos Verdes boosts the highest and lowest priced sales at $6,080,000 for an Oceanfront Estates property and $350,000 for a 663 sq. ft. studio in the Miraleste area of Rancho Palos Verdes.
There are currently 119 single family homes for sale on the entire Palos Verdes Peninsula. Although that is an improvement from last month when we dipped below 100 homes for sale, it is still an extremely low number of homes. Demand remains high and supply low. This may be good for prices but it is not good for buyer’s frustration. Buyers often search for months only to be confronted with multiple offers when they do identify a home they want to purchase. Our indicator points toward a still strong seller’s market in Palos Verdes so if you’re considering selling the housing market is waiting for your property with open arms.
The number of single family Palos Verdes homes currently in escrow with accepted offers totals 60–more than half the total number of homes for sale. If we can increase buyer’s choices by pumping up the number of homes for sale I believe Palos Verdes is posed for an incredible spring selling season. Talk to Toering & Team for information about sales in your neighborhood and the value of your property. The timing and value may be just what you have been waiting for.