I hope everyone enjoyed the 4th of July holiday.
We have reached the midway point of 2017 and although the single family home real estate market in Palos Verdes remains a strong sellers' market, the luxury home market experienced a cooling trend during the second quarter of 2017. The luxury market of homes priced at $3,000,000 and up slide into a strong buyers' market.
At the time of this writing, there are 70 Palos Verdes luxury homes for sale. The number of luxury homes in escrow with accepted offers dipped to six. 27 Palos Verdes luxury homes sold during the first half of 2017.
What does this mean for sellers of luxury properties in Palos Verdes? Expect it to take longer to sell your home and make sure it is ready to enter the competitive luxury home market. Invest in preparing the property for sale and presenting it to the buying public in its best light. Staging is essential as is appropriate pricing; both will shorten time on the market.
For more information about the Palos Verdes luxury home market contact Norma Toering at 310.493.8333 or Norma@CharlemagneProperties.com