By George Fotion
Palos Verdes Luxury homes – what’s the market like and how does it compare against luxury homes across the country?
There was a really interesting article in the Wall Street Journal the other day about the luxury homes market (Thanks Renata for sharing it with me!) and I wondered how Palos Verdes Luxury homes compared.
The author of the article stated “Luxury homes are selling faster than last year, according to data through July from listing website Realtor.com. And while bigger price tags typically mean more days on the market, homes listed for over $30 million spent less time idling than their (slightly) less expensive counterparts.”
Now we can’t lay any claim that any of the Palos Verdes Luxury homes are priced above $30,000,000; however let’s just say for the sake of argument, that we define Palos Verdes Luxury homes as homes over 5,000 sqft. That’s a faulty measure as it leaves off some of the smaller homes on the bluff of Paseo del Mar for example; however, for the purposes of this little exercise, let’s use that definition.
In the last 12 months there were 42 homes “Palos Verdes Luxury Homes” sold with an average days on market of 176 days. For the 12 month period before that, there were 34 “Palos Verdes Luxury Homes” (using the definition above) that sold for an average days on market of 205 days. Interesting; that’s 14% fewer days on market!
The author further stated, “According to Realtor.com, the median age of listings ranged from 80 days for homes listed at less than $1 million, to 180 days for homes just under $30 million. Above $30 million, median time on market dropped to 139 days. That is partly due to the fact that some of these homes are marketed quietly before hitting the market, and partly because this segment is attracting a more engaged group of buyers, said Jonathan Smoke, Realtor.com’s chief economist. Across all price points, the national median age of listings is 82 days, down from 85 in July 2013.”
There’s another way of looking at the Palos Verdes Luxury Homes market. I subscribe (and you can benefit by accessing for free, I pay for the service for you) to Altos Research, an independent real estate research firm. They segment each market into quartiles.
So let’s look at what’s happening in the upper quartile of home prices for the 90274 zip code. But first here’s the chart from the Wall Street Journal article
If you would like to get other charts on median $/Sqft, the market action index, inventory levels and many other metrics, click the chart below to explore. I have access to Manhattan Beach, Hermosa Beach, Redondo Beach, South Torrance, the 3 cities and unincorporated area of Palos Verdes. Find out what’s happening in your area?
PALOS VERDES LUXURY HOMES (UPPER 25% OF THE MARKET)
For Palos Verdes homes, the 25% of homes sold in the last 6 months, were sold at over $1,810,000. If we were to use this as the definition of Palos Verdes Luxury homes, here’s the list AND this list is real time updated. Meaning, each time you visit this site, the list will be fresh.
George M Fotion
Call Realty Co., Inc-Gen.
433 Via Corta
Palos Verdes Estates, CA 90274