December 2022 market report in Palos Verdes Estates
The real estate market in Palos Verdes Estates, has been thriving over the past six months. According to recent data, the average price per square foot is $810, which is still a significant increase from previous years.
A total of 199 homes have been listed in Palos Verdes Estates over the past six months, and a total of 183 homes have been sold. This high demand for property in the area has created a seller's market, with the average price of homes sold reaching $2.6 million.
Interest rates have remained low enough over the past six months, which has been a factor for both buyers and sellers in the market. With interest rates hovering at ~6%, buyers are still able to afford more expensive properties and sellers are able to command higher prices for their homes.
However, inventory remains tight in Palos Verdes Estates, as there are not enough homes available to meet the high demand. This has caused competition among buyers and quick sales.
Overall, the real estate market in Palos Verdes Estates has been favorable over the past six months, with strong demand and high prices. With low enough interest rates and a tight inventory, it is a great time for both buyers and sellers in this exclusive community.
