Throughout 2008 that was one of the most common questions I encountered from prospective buyers and sellers. It was on the minds of consumers wanting to sell and consumers wanting to buy.
The general answer is inventory is up, but not alarmingly so. Prices are down, but not alarmingly so.
The specific answer is 60 homes priced over $2,000,000 sold in Palos Verdes in 2008 year to date.
In 2007 101 homes sold in the same price range.
103 homes sold in 2006 in the same category.
2005 saw 112 sales in the $2,000,000 and up price range.
In 2004 the number of sales over 2M totaled 80.
In 2003, before the market took off for the unsustainable double digit annual increases, the number of sales in the 2M+ price range was 62.
So what do the numbers tell us? We're back to normal. The bubble broke, but the Palos Verdes real estate market did not crash, it simply reduced its rate of absorption to the level established five years ago.
The ups and downs of market cycles will always be with us, but statistics are built one sale at a time. Your property can join the sold statistics with the right experience, expertise and exposure. Call for a free evaluation of your Palos Verdes property.
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800
South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach.
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