South Bay Luxury Homes Activity Update – 5/10

Another month has passed us by.  In the exclusive world of super luxury homes priced over $10 million, we have actually seen an increase in the number of homes that surpass this threshold from a month ago.  The new number of homes available on the market today stands at 15.  The increase comes from a home in Palos Verdes Estates that has had an upward adjustment in asking price.

This is perplexing given that the total number of homes sold in the entire South Bay for more than $10 million remains fewer than a dozen and we are coming off of a brutal credit market retraction.

Of the 15 homes on the market, eight are on the strand in Manhattan Beach and Hermosa Beach.  There are now four homes located in Palos Verdes Estates, two in Rolling Hills, and one in Rancho Palos Verdes.  The average home has been listed for over four months.

I will continue to track the progress of these homes in light of the current market conditions.