Palos Verdes homeowners, if you are wondering how the local real estate market is doing let me give you an example of what Norma Toering & Team did this week.
We submitted a backup offer on a Manhattan Beach property priced over $2,000,000 and submitted an offer on a Palos Verdes property in the $800,000 range (our buyer’s offer was one of 14 offers). The backup offer was accepted and we expect to receive the decision on the PV property today. Given the current lack of inventory and buyer demand this scenario is not unusual–I could give example after example. Multiple buyers for most homes is the new status quo in the local real estate market.
Of course it’s not all roses and sunshine in the real estate market. Luxury homes are still taking much longer to sell but they are selling. Palos Verdes recorded seven luxury home sales (over $2M) during the month of September. Also, getting final loan approval can be a challenge for some buyers due to the more stringent lending regulations.
The Palos Verdes real estate market is moving with greater speed than we’ve seen in several years, and more inventory is needed. If you are thinking about selling a home in PV, now is the time to talk to your real estate agent of choice. The days are growing shorter and cooler but the local Palos Verdes real estate market remains very hot!