Rancho Palos Verdes Real Estate Market Update | Jan ’24

Rancho Palos Verdes has seen sales slow as we enter the new year, down nearly 30 percent compared to last month. Average sale prices in Rancho Palos Verdes reached $1.429M with 19 sales lasting about 52 days on the market.

Sales stats breakdown can be found below:

Outlook

The winter months tend to have less real estate activity and we are definitely seeing that these days. We appear to be moving towards a more ‘normal’ real estate cycle, though the markets can change quickly under the right circumstances. We are expecting rates to stay consistent, likely in the 6% range or lower. If rates can stay consistent, buyers and sellers should gain confidence in the market, and hopefully, that will lead to more inventory on the market.

Buyers

Buyers in this market should be prepared to compete, especially if you’re a first-time home buyer. Sellers have gained much of their leverage over the year. Keep in mind that inventory remains low for ALL of Los Angeles and much of the state. If buying real estate is one of your goals, we recommend buying when you can afford it. Housing is only getting more expensive year after year. Be ready to compete.

Sellers

Sellers in this market should be doing everything they can to distinguish their homes from others on the market. Even though there is not as much competition, cutting corners when listing your home is never a good idea. Presentation and condition are extremely important, so preparing your home for sale and making sure it looks and functions as best as it can is of vital importance if you want a successful sale. Doing so may result in multiple offers on your property, which would significantly boost your leverage with buyers. Some homes are still selling fast, but buyers are pickier than they’ve been in the last 5 years. And yes, we can help with all of this, all included in our standard commission! Learn more by visiting our Concierge Real Estate Services page.

If you’re ready to start your real estate journey, contact us today!

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For our Buyers:

Added Benefits When Working With Us

Contract Knowledge

The Residential Purchase Agreement is 10 pages of terms and conditions that stipulate every aspect of the purchase, and we know exactly how to use them to your complete advantage!

Expert Negotiators

As experienced Full-Service Realtors, we know how to leverage you buying and bargain power. Whether competing to get your offer accepted or negotiating repairs, our goal is to get you a great deal!

Team = Always Available

The added benefit of working with The Prestige Team is that one of our Real Estate Professionals is always available to help. No missed opportunities!

On Every Listing:

Need Additional Assistance? We Specialize in that!

Decluttering & Emptying Properties

Need help with decluttering? Whether you need a few boxes and an extra set of hands, have a house full of items that need to go, we have the resources in place ready to assist with your needs!

Schedule Management

Schedule Management is crucial if you have a time frame in mind for the sale of your home. Let us use our experience to ensure every aspect of preparing your home for the market stays on schedule!

Team = Always Available

The added benefit of working with The Prestige Team is that one of our Real Estate Professionals is always available to help. No missed opportunities!

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