Statistics for single family homes for the month of February for Palos Verdes Real Estate are now available. February 2009 had less sold/closed escrows and less pending sales than January 2009 and had increased inventory of active listings/homes for sale. Additionally, February 2009 had half the number of sold/closed escrows and 70% less pending sales when compared to February 2008. For the month...
Statistics for single family homes for the month of January for Palos Verdes Real Estate are now available. January 2009 compared to January 2008 has the same number of sold/closed escrows, 1 additional pending escrow, and 46 more active listings/home for sale. Average price per square foot for homes that sold January 2009 is $494 compared to $545 last January. For the month of January, there...
Everyone wants to know how the Palos Verdes real estate market is doing. I am an optimist by nature so I have to check for facts before I give my opinion. Currently we have 32 properties that have sold/closed escrow since the first of the year compared to 23 properties this same time period in 2008. Additionally, there are currently 42 properties in escrow. So the Palos Verdes real estate market...
The numbers are in and owners of Palos Verdes Real Estate single family residences experienced a 6.2% decline in 2008 average sales price compared to 2007. That is actually not bad compared to the rest of Los Angeles County which was down about 28%. Home values on the Palos Verdes Peninsula have held fairly steady: 2008 was the first year of declines in recent memory. Palos Verdes homeowners...
Conventional wisdom tells us that we do not know if we have hit bottom until we are on the way up. Trying to "time" the bottom is a matter of luck. For buyers of Palos Verdes real estate I encourage them to consider the following: 1) Interest Rates are at historic lows. 4.75% for conforming 30-year fixed and 6.625% for jumbo 30-year fixed rate loans. 2) Many buyers are sitting on the...
I am often asked by owners of Palos Verdes real estate which remodeling projects will give them the greatest return on their investment. The answer is siding replacement, window replacement and major kitchen remodel according to the December 2008 Realtor Magazine. This article covers areas around the country and states, "Pacific Coast cities recorded the best payback on remodeling by a wide...
Statistics for single family homes for the month of November for Palos Verdes Real Estate are now available. To date, our prices have remained fairly steady with only 2.9% decrease in average price since January 1, 2008, compared to average 2007 sold price. Average price per square foot since the first of the year is down 5.8% from average 2007 square foot price. The median price has decreased 4.7%...
Statistics for single family homes for the month of October for Palos Verdes Real Estate are now available. There were 21 closed escrows (32 in September) and 16 pending sales (19 in September). Active homes for sale have been reduced a bit to 264 (276 in September) . Average price for homes that closed escrow in October declined to $1,227,000 from $1,455,000 in October. This reflects the lower...
On Tuesday, I attended a presentation by Robert A. Kleinhenz, Deputy Chief Economist for the Callifornia Association of Realtors, to hear the forecast for Palos Verdes real estate. Although, Kleinhenz did not have information specific to Palos Verdes (because we need a minimum of 30 sales per month for their formulas), the Market Outlook was a good perspective on our overall economy nationally,...
Statistics for single family homes for the month of September for Palos Verdes Real Estate are now available. There were 31 closed escrows (30 in August) and 15 pending sales (35 in August). Active homes for sale have remained fairly constant (276 in September) for the last 4 months and up from the same period a year ago (227 in September 2007). Average price for homes that closed escrow in...