Winter may be the best season to sell your Palos Verdes luxury home. As many of you know, Charlemagne International Properties makes tracking the local luxury housing market quick and straightforward with our "Little Yellow Slider." When the market heats up, the slider moves toward a sellers' market. When cooling conditions prevail, the slider moves toward a buyers' market. You can take the market temperature with a quick glance.
Interestingly, the luxury market cooled off during the peak summer selling season due to many new listings hitting the market. On the other hand, the fall and early winter find the Palos Verdes homes listed in the luxury price range of $3,000,000 and up moving from a buyers' market to a neutral market favoring neither sellers or buyers. The chief reason for the market move is the decline in the number of luxury listings currently on the market. As a seller, there is less competition; as a buyer, many of the current homes for sale have received price adjustments, and weary sellers are ready to consider all reasonable offers.
There are currently 40 Palos Verdes luxury homes for sale. Ten Palos Verdes luxury properties are in escrow with accepted offers. 46 Palos Verdes luxury residences have sold year-to-date in 2017. Interesting statistic for both buyers and sellers of Palos Verdes luxury homes: 36 of the luxury homes sold in Palos Verdes thus far in 2017 received price reductions before generating an acceptable offer. Six properties had price increases prior to sale and four residences sold at the list price.
Luxury homes in Palos Verdes tend to rack up a high number of days on the market due to being overpriced from day one. That's why pricing a property is the key to finding a ready, willing and able to close the sale buyer. There is a buyer for every property when price and value align.