Palos Verdes Real Estate Market Update: June 2024 - A Shift Towards Balance

The Palos Verdes Peninsula continues to be one of Los Angeles' most desirable residential locations. Breathtaking ocean views, rolling hills, and a strong sense of community make it a perennial favorite. Let's delve into the current state of the Palos Verdes real estate market, including key data points like average sale price, market inventory, and days on market.

Is it a Buyer's or Seller's Market?

The Palos Verdes market appears to be transitioning from a seller's market to a more balanced one. While homes are still receiving multiple offers, data suggests a slight cooling trend compared to the peak frenzy of the past few years.

Key Market Data

• Average Sale Price: Data from May 2024 shows a slight decrease in median sale prices compared to last year. In Rancho Palos Verdes, the median sale price was $1.9 million, down 5.9% year-over-year. Palos Verdes Estates saw a more significant decrease of 20.2%, with a median sale price of $2.8 million.
• Market Inventory: Inventory levels are gradually increasing, offering buyers more choices. This trend is likely to continue, providing a more balanced negotiation environment.
• Days on Market: Homes are still selling relatively quickly, but the days on market have ticked up slightly. In Rancho Palos Verdes, homes averaged 37 days on the market in May 2024, compared to 35 days last year . Palos Verdes Estates saw a more substantial increase, with homes averaging 48 days on the market compared to just 16 days in May 2023

The Palos Verdes Advantage

Despite the market shift, Palos Verdes remains a highly sought-after location. Here's what continues to attract homebuyers:

• Unparalleled Views: From bluff-top estates to oceanfront properties, Palos Verdes boasts some of the most stunning vistas in Los Angeles.
• Award-Winning Schools: The area is known for its excellent public and private schools, a major draw for families.
• Luxurious Amenities: Gated communities, world-class golf courses, and private beaches offer an unparalleled lifestyle.
• Strong Community: Palos Verdes fosters a close-knit community atmosphere, providing a sense of belonging.

Ready to Make Your Move in Palos Verdes?

Whether you're a buyer looking for your dream home or a seller seeking expert guidance, our experienced real estate brokers at Greenspan Realty can help you navigate the Palos Verdes market. Contact us today for a personalized consultation!