Are you house hunting in a buyer or seller market? It depends upon your price range. Homes priced under $1,000,000 on the Palos Verdes Peninsula are in short supply. Consequently, it is a white-hot sellers’ market with only 32 homes available and 32 in escrow. Those numbers translate to a one-month supply of homes at the current absorption rate.
On the other hand, luxury homes on the Palos Verdes Peninsula are plentiful with 62 homes priced over $2,000,000. There are currently 12 homes priced over $2,000,000 in escrow. With just over a 5 month supply at current absorption rate, the luxury home market is balanced but leaning toward a buyers’ market.
72 Single Family Residences priced from $1,000,000 to $2,000,000 are currently for sale in Palos Verdes with 47 in escrow. At current absorption rate homes in the price point are in a strong sellers’ market too with under a two-month supply of inventory at current absorption rate.
Interpretation of the above statistics for homeowners with a property valued under $2,000,000 is list now if you are considering selling. On the other hand, if you are a luxury buyer now is the time to shop for a high-end home in Palos Verdes.
If you own a luxury home on the Palos Verdes Peninsula you will need to distinguish your residence from the other 60+ homes available. The three P’s are crucial: Preparation, Presentation and Price. Norma Toering & Team can help. Contact us for additional information regarding elevating your home above the rest when it is time to sell.