Palos Verdes Real Estate 2nd quarter
Cash is still king in Real Estate purchases in Palos Verdes Estates. With the second quarter just ending, let’s have a look at how things shook out.
There were 40 single family homes that closed escrow between April and then end of June with and average sale price of $1,685,121 that was just a hair below the average list price of $1,710,175. The average SF was 2752 and average days on market at 60. Average cost per/SF was $612 which is down from the first quarter, most likely to the short sale at 3604 Via La Selva which sold for a ridiculously low $856,000. It was the only distress sale in the quarter.
15 or 37.5% out of the 40 sales were cash.
Let’s have a look at the luxury Real Estate market in Palos Verdes:
There were 6 closings over $2.5M in the second quarter, down from 7 in the first quarter. $3.3M was the highest sale price, down from the first quarter. 3 sales or 50% of the luxury sales were purchased in cash. The average sale price was up from the first quarter for luxury homes to $732/SF. Average size of the homes that sold was 4173SF.
So what is the market telling us? Cash buyers still have the leg up on conventional buyers, many of the sales in PVE are still to foreign buyers who seem to be more conservative making purchases that don’t exceed about $650/SF. The smaller, lower priced homes have more buyers than the larger ones and over pricing a listing in PVE is one way to be sure it doesn’t sell.
The 3rd quarter is typically a sleeper with kids out of school and people busy on vacation so while there are more listings available, days on market should increase and sale prices will likely go down. The next bump we should see is in the 4th quarter of the year.
If you are thinking about selling your PVE home, now would be the time to contact me so we can get it into tip-top showing shape and be sure the timing is right to get you top dollar for your home.