Palos Verdes Real Estate

November 2023 Newsletter

In my last letter I briefly discussed the market statistics.  I’m not a big fan of statistics as they can be misleading, but in this case they illustrate a current trend – the market is slowly slowing, which any experienced agent will tell you just by the “feel” of it.  When I wrote my last newsletter 60 days ago there were 112 houses for sale on the Palos Verdes Peninsula with an average time on the market at about 30 days; there are now 124 homes for sale with average time on the market of 68 days.  That latter number is indicative of sellers’ need to adjust to the reality of the market – you can no longer put the house out there higher than the last sale and expect buyers to be lined up at the door.  For perspective, there were 40 houses for sale at the peak of the recent market frenzy.  4% of houses recently sold did so above their original list price, whereas 40% sold below. 

I am often asked whether Fall is a good time to sell.  My general answer is that the seasonality of the market in Southern California is overrated.  While winter weather in much of the country does affect real estate, it’s not like there is going to be 3 feet of snow on the ground here.  The usual answer you get is that Spring is the ideal time to sell.  I guess that conclusion comes from the fact that there are the most sales (all else being equal) in the Spring.  While that is generally true, you have to look at it from your point of view as a seller:  there is a lot to be said for selling when you have less competition.  Many sellers delay putting their house on the market until after the first of the year or until Spring.  As a result, again with all else being equal, there are fewer houses for sale in the Fall and over the holidays; but there are still motivated buyers out there looking.  With relatively few homes to choose from, you are going to get every serious buyer thru the door, and may sell at a higher price than if you waited until there were 25 other homes for your buyer to consider.

I would also say that the general price trend is not upward, partially because the trend in interest rates is.  Waiting till Spring may not be in your best interest if you are planning to sell in the next few years and want to get top dollar.

Most of my listings I discussed in my last newsletter have sold (see enclosures).  I do have a new one at 2256 Rue Le Charlene – a spectacular, remodeled 5 bedroom 3 bath, 3140 square foot home with pool, spa, large flat back yard, 3-car garage, and a great view of LA Harbor.  It’s near the end of a cul de sac, asking $2,349,000.  I have enclosed information on it.

I also have a 2 bedroom 2 bath condo in the desirable Seagate community off Hawthorne near Ralphs Market.  It is updated, spacious, with 2 covered parking spots, and many association amenities.  We have just reduced to $675,000.

Please feel free to visit my website:  www.DanaGraham.com for real estate advice, Palos Verdes history (I am the President of the Palos Verdes Historical Society and have lived here since 1947), and assorted other subjects.  See what my customers think of me – “Testimonials” at top.  Or just call me – 310 613-1076.  I look forward to hearing from you.

This entry was posted on Monday, November 20th, 2023 at 7:49 am and is filed under Buyers, Everything I've Written, Newsletters, Palos Verdes Information, Real Estate General Info, Sellers. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

Comments are closed.