Yesterday, both the Daily Breeze and Los Angeles Times had housing reports. The Daily Breeze headlined with “County home prices look to be stabilizing.” Los Angeles County home sales made its third consecutive gain while prices remained stable leading some to believe that the market has “finally hit bottom.” The lower end of the market is moving and the upper end is slower. For Palos Verdes real estate, that translates to homes under $1,000,000 being an active market as buyers take this opportunity to buy into the Peninsula with its fabulous schools, weather and beautiful location.
Here are the statistics since the beginning of the year. 74 single family homes in Palos Verdes sold. Almost half of those sales were homes under $1,000,000. Another 28% sold in the $1,000,000 to $1,500,000 range. And 8% sold for over $2,000,000. The higher end should start moving when the banks start lending for jumbo loans again.
