It’s finally happened! The news media is discussing the turn in the real estate market. Although they do not specifically mention Palos Verdes Real Estate, statistics are given for the Los Angeles area. Recently, Barron’s Jonathan R. Laing had a lengthly and well- documented article which is worth the read (click here for link to article).
National statistics in the April S&P Case-Shiller Index showed that prices actually rose in 8 out of the 20 markets covered (versus only 2 in 20 markets for March). “Jim Paulsen, chief investment strategist of Wells Fargo’s primary investment unit, expects home prices to steady by year end…” Mr. Laing finishes his article by saying, “…long-term buyers in the top 20 U.S. metro markets have seen their properties appreciate by 70% since 2000. Home prices often take five to 10 years to recover fully from severe declines such as this. But at least the available data suggest the scary dive in home prices soon will be over.” As you can see from the Barron’s chart below, Los Angeles actually experienced 107% appreciation since 2000.
Statistics for real estate on the Palos Verdes Peninsula for the past 15 months are available by clicking here or on the “Statistics” tab above.
