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Where is the sweet spot in this market?

The Palos Verdes Peninsula real estate market has two market segments that are strong; those homes listed for less than $1,250,000, and those between $1,250,000 and $1,500,000. Where is the sweet spot in this market? The following is a chart of homes listed for sale and sold for less than $1,250,000:

The inventory of homes in this price segment is up significantly, with sales averaging about 20 homes per month, or about a two month supply, but with only 15 homes currently in escrow. The following is the same chart for homes priced from $1,250,000 to $1,500,000:

There are currently 15 homes for sale in this market place, with sales averaging 10 homes sold per month, and with homes in escrow escalating rapidly to 20 homes currently in escrow. This segment of the real estate market in Palos Verdes seems to be the most active segment that we have.

Once you get over $1,500,000, the market slows considerably as can be seen by the following chart for homes sales between $1,500,000 and $3,500,000:

 

Therefore, the sweet spot in this market seems to be the segment between $1,250,000 and $1,500,000.

 

 

 

 

 

 

 

  Curnt vs. Prev Month Curnt vs. Same Month 1 Yr Ago Curnt vs. Same Qtr 1 Yr Ago
  Apr. 14 Mar. 14 % Change Apr. 14 Apr. 13 % Change Feb. 14 to Apr. 14 Feb. 13 to Apr. 13 % Change
For Sale 41 32 28.1% 41 31 32.3% 34 31 9.7%
Sold 23 22 4.5% 23 35 -34.3% 19 34 -44.1%
Pended 15 24 -37.5% 15 40 -62.5% 18 37 -51.4%

For more information about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

Comment balloon 1 commentMaureen Megowan • May 27 2014 11:19AM
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