Statistics for the month of August for Palos Verdes Real Estate are now available. There were 29 closed escrows, 26 pending sales in August and 51 closed escrows and 26 pending sales in July. The number of closed escrows are down compared to the last 5 months. Average price for homes that closed escrow in August was nearly the same at $1,480,000 compared to July at $1,496,000. Average days on...
Chris Ayres loves his house. In his refreshing and thoughtful opinion piece in the LA Times, he challenges us to remember why we should love ours too. He actually purchased his home one year ago and instead of bemoaning the fact that his home may be worth less today, he tells us why he is lucky. First, the price - Ayres concludes a $1,200,000 purchase price, a loan of $1,000,000 at a fixed rate of...
Statistics for the month of July for Palos Verdes Real Estate are available and the results were mixed again for July - more closed escrows and less pending sales. There were 38 closed escrows and 45 pending sales in June vs. 48 closed escrows and 21 pending sales in July. The days on market for sold properties in July was only 52 days compared to 67 days in June. Average price for homes that closed...
That is the question of the hour from buyers of Palos Verdes real estate (and probably nationwide). Should buyers believe the doomsayers or the optimists? Today the LA Times has a very balanced answer to their question. Reasons not to buy are mostly from economic forecasts, statistics and ratios. Reasons to buy look at the benefits of home ownership (you can't be evicted, you can control the...
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...
Statistics for the month of June for Palos Verdes real estate are available and the results are mixed - holding as far as price is concerned and down for number of transactions. The average price for single family homes sold in the month of June was $1,786,000 up from $1,677,000 in May ($1,699,000 average for the last 12 months). The statistics are different for number of pending and sold...
Where exactly is the real estate market going? Owners of Palos Verdes real estate as well homeowners across the country would love to know the answer. In addition to the "in your face" reporting about real estate (which can be pro or con depending on the reporter and which forecast he is looking at) there are other subtle indicators. Recently Newsweek had an article buried on page 61 entitled...
Statistics for the month of May for Palos Verdes real estate are available and indicate our market is holding. Average price for single family homes sold in the month of May was $1,677,000 vs $1,667,000 in April. Number of homes reported sold (closed escrow) for the month of May was 43 which was the same for April. Number of homes pending for the month of May was 39 vs 40 in April. Inventory of...
The self-fulfilling prophecies are right again according to the LA Times article "At the luxury end, home prices are falling." The upper end of the market is feeling some pain. It appears misery loves company. Statistics are in for the month April and indicate some exclusive neighborhoods show decreased sales prices compared to April 2007. Palos Verdes real estate had mixed reviews. Palos...
I believe home buyers of Palos Verdes real estate are finally waking up. Blanche Evans in Realty Times has written that consumers have "been getting bad information" and goes on to explain that Robert Shiller (founder of the Case-Shiller Index) might just have an ulterior motive when he says that housing prices may drop further than 30% (as experienced in the Great Depression). Shiller "makes money...