The Palos Verdes luxury home market begins the year with thirty-nine single-family homes for sale priced over $3,000,000. Sixteen of those luxury residences are located in Palos Verdes Estates. Rolling Hills has twelve high-end properties on the market, Rancho Palos Verdes has nine single-family properties in the category, and Rolling Hills Estates has two luxury homes for sale over $3,000,000.
Eleven Palos Verdes luxury homes are currently in escrow with accepted offers.
56 Palos Verdes luxury properties sold during 2016.
Given the number of high-end homes on the active market and the rate of absorption, there is a four-month supply of luxury homes for sale in Palos Verdes. It will be interesting to see if the uptick in interest rates affect luxury home sales. My prediction is we will see a flurry of buyer activity in all price ranges during the first quarter of 2017 as they attempt to “beat” any additional planned rate hikes.
With nearly forty homes to choose from, higher prices, and an interest rate hike, sellers can expect buyers to be selective and exhibit high expectations when purchasing a luxury home in the $3,000,000 and up price range. The well-prepared home, priced right and presented in its best light will win buyers’ hearts when they are in the market to purchase a Palos Verdes luxury home.