Monday, May 9, 2016
Palos Verdes Real Estate Market Update--May 2016
New listings are being gobbled up at a fast pace by buyers who are hungry to purchase a home on the Palos Verdes Peninsula. The length and strength of this seller's market are remarkable even to someone who views the real estate market statistics on a daily basis. At the current rate of absorption, there is less than a two-month supply of inventory if no new properties come on the market. That's a white hot real estate market with sellers holding the trump card if they have a house to sell.
Let's let the April 2016 statistics do the talking:
There are 189 single family Palos Verdes homes currently listed for sale.
There are 120 Palos Verdes residences in escrow with accepted offers. (Let's all say WOW).
65 Palos Verdes single family homes sold during the month of April per MLS records.
At a glance, it's easy to see demand for Palos Verdes Property remains high, and supply remains limited. Year-over-year price increases have slowed, and with the threat of interest rate increases, buyers continue to shop for a property on the Palos Verdes Peninsula.
With stunning topography, forever views, and a stellar public school system Palos Verdes has much to offer its current and prospective residents. For more information on selling or buying properties on the Palos Verdes Peninsula contact Charlemagne Int'l Properties at 310.493.8333 or send us an email at ToeringandTeam@gmail.com.