Palos Verdes Estates Real Estate Update
The market is changing as it tends to in late spring into summer. While the quarter isn’t over yet there are some changes happening that are important to note.
Palos Verdes has seen an increase in inventory but a decrease in closed sales so far compared to the first quarter of 2014. The average sale price per square foot has also decreased from $661 in the first quarter to $606 in the last 2 months.
Luxury homes are less in demand as the lower priced smaller homes are still selling quickly. Last quarter, 7 homes sold in PVE over $2,500,000. So far the second quarter only 1 home over $2.5M has closed escrow, there are a few in escrow but we won’t hit the same numbers as the first quarter.
As inventory increases and buyer demand decreases as it does in the summer once kids are out of school and people are off on vacation, the market in PVE will level off. Those that absolutely have to sell their homes will reduce prices to make the property more attractive thus pushing down the average sale price per SF.
When listing your home in Palos Verdes Estates, it’s important to make it as attractive and welcoming as possible so your home stands out. It’s also important that it be priced right for the current market which changes quarter by quarter. Being one step ahead of the market (by watching the trends and working with a knowledgable Realtor) will benefit you. You don’t want to be chasing the market down.
If you are thinking about selling your home in Palos Verdes, please give me a call. I’d love to consult with you so that your home sells quickly and for top dollar and help you stay one step ahead of the ever changing market.