August 25th, 2020
First of all, before we even answer the question of “Is it a Seller’s Market for the Palos Verdes Dr South area of Rancho Palos Verdes Homes?” don’t we have to have an objective method to measure so that the answer can be based in fact instead of some real estate agent pulling an answer out of their … hmmm, never mind, I won’t finish that sentence.
And of course the answer is YES, we must have objective, empirical data and I can think of no better measure than calculating the number of months of unsold inventory. Sure, average days on market tells us something, but not much. It merely tells us a bit about the listings that successfully sold. It tells us nothing about supply and demand.
Given that real estate prices, since real estate is a commodity just like gold, silver, live cattle, hogs, corn whatever, its price is determined by what? … Come on, let’s say it together, ready … ??…
SUPPLY AND DEMAND
If you can’t or won’t accept this, then we’re done here. There’s no reason for reading on. But, if you’re cognizant power is even a modicum better than that of thinking Chimpanzee then you will understand that without knowing this component you can never hope to understand the market
Is it a Seller’s Market for Rancho Palos Verdes Homes in the Palos Verdes Dr South area?
Go to this site and scroll down to the real estate charts. But first understand that as you scroll down, first you will come across the real time update of listings for sale in the area. After the charts are demographics for the specific area and then recent sales, like this one at 3 Cinnamon Ln What you will find in the Unsold Inventory Chart there is that the Palos Verdes Dr South market and the Rancho Palos Verdes homes markets have one of the lowest levels of unsold inventory in the last 10 years. What does this tell you? Simple, given the strong imbalance between supply and demand, home prices are likely to continue to appreciate for some time. How is the market different in Palos Verdes
And what about a home with TWICE THE VIEW and TWICE THE LOT compared to just sold 3 Cinnamon, would you consider a marginal $200,000 higher price well worth it to get more view and much more land? In most anyone’s book, that would be a steal. Learn more about 28 Narcissa here…