How is the Palisades Market?
Real Estate News & Market Analysis
Michael Edlen has tracked local statistics and trends and provides real estate counseling services to prospective homebuyers. This guide to how to buy a house is where we've poured all of our knowledge to help you have a better home buying experience.
Investors have become a significant factor in the current market environment. Investors generally have fewer contingencies and shorter time periods for processing the escrow. Therefore, they have traditionally closed escrows with fewer complications though having generally paid less for the property.
As of May 1st, 2013, there is approximately a one-year inventory of homes available above the $5million level. Conversely, it would only take 2.5 months to sell all of the homes below that level. As long as the inventory level is below 5 months, it is generally considered to be a market that favors sellers.
As we begin the year 2012, the number of homes available for sale in Pacific Palisades is quite low. There are only 70 homes on the market, which is 22 percent less supply than at the beginning of last year.
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