August is often accompanied by a slowing of the real estate market. After all, it is the last month of summer vacation, and the back-to-school rush is upon us as well. It is no surprise house hunting often falls lower on the priority list. However, it is not too late to catch the strong real estate market wave Palos Verdes continues to enjoy.
The luxury market is defined (by me) as those homes priced at or above $3,000,000. At the current time, properties in the luxury price range comprise nearly one-fourth of all single-family homes listed for sale in Palos Verdes.
Palos Verdes Luxury Homes Currently For Sale: 57 Single-family Palos Verdes luxury homes are listed for sale priced at or above $3,000,000.
Palos Verdes Luxury Homes Pending Sales: 14 Palos Verdes luxury homes are in escrow with accepted offers.
Palos Verdes Luxury Home Sales for July 2016: Six Palos Verdes luxury homes closed escrow during the month of July.
Palos Verdes Luxury Home Sale Year-To-Date: 36 as of August 1, 2016.
There are 241 single-family homes currently for sale on the Palos Verdes Peninsula.
Market Trends: Inventory is increasing, and appreciation is slowing in the general market. The raging seller's market of years past is cooling as the local Palos Verdes real estate market moves to a neutral market. The higher prices are a factor in slowing the pace of the market, but attractive interest rates continue to fuel buyers' desire to purchase a home and lock in a rate below 4%.
There is no question the market is becoming more competitive for sellers. Make sure your property is positioned to compete and win the purchase contract. The location is still key, but condition and pricing play important roles in the sale of any property.