EGBOK Does anyone remember this saying? "Everything's Gonna Be OK" was coined by the "Ken and Bob Company" morning radio program on KABC-AM Los Angeles, California (on the air from 1973–1990). I tell my kids this when they are stressed about something, and it applies to today in many ways as well. Sure, there are some scary things out there, but the world has been through worse. In terms of Real Estate,...
Market Update
Happy 2024! I hope the year so far is off to a good start and you are excited for things to come. I am grateful to get to call PV home, and am reminded daily of why this is such a special place to raise a family. I was recently chatting with several parents while attending my son’s soccer game at PVIS in Lunada Bay. Besides being a fantastic school, while standing at the field we had amazing...
December 2023 South Bay Market Update Mortgage Rate Relief, Inventory Remains Constrained Resilient. If asked to describe the South Bay real estate market in one word, it would be Resilient. Despite attention grabbing headlines of doom and market busts, the local real estate market has faired well for 2023. It hasn't been a year of price growth, but considering we have endured the highest...
“Be fearful when others are greedy. Be greedy when others are fearful.” Warren Buffett Based on a detailed review of the South Bay Real Estate Market, I believe we are coming into a window of buying opportunities that we have not seen in several years. The three key indicators that support my belief include the following: Days on Market have increased nearly 40% from a year prior; Months...
Hopefully you have had a chance to relax or have plans in the works for a vacation or some time off before school and schedules return to normal. As for our family, we have a little road trip up the coast and some camping scheduled and I can’t wait to pack up the Sprinter Van and hit the open road. For those that will be in town, I have included my favorite things to do in the South Bay during the...
June 2023 Market Update So far, 2023 has not brought the collapse in real estate values in the South Bay that many buyers were hoping for, and some economists even suggested. Instead, buyers have adjusted to the higher interest rates and are letting life changes dictate their need to buy or sell real estate. As we start summer, Inventory is hovering around 60% of pre-Covid seasonal levels...
What we are seeing across many submarkets in the South Bay is even more extreme in Palos Verdes and in particular, Valmonte - Sellers aren’t selling. It’s not that they are trying to sell and properties are just sitting, it’s that would-be-sellers aren’t even attempting to sell. Meanwhile, there are plenty of buyers waiting in anticipation for the right home to come available so they can settle...
I almost didn't believe the stats, but after looking at it for a 3rd time, it's real. Since October 2020, the median selling price in Palos Verdes Estates has grown by 49% from $1.88M to $2.8M (12 month moving average). In Valmonte, the number is even more staggering where the median price grew 62.5% from $1.6M to $2.6M in the same time period. But what does that mean moving forward? For those that...
It’s human nature to want to know the future, to know what’s coming around the bend. And there are plenty of people out there that make a living trying to predict it. But the reality is, no one really knows. Now more than ever, there’s lots of anticipation, maybe even anxiety, built into the economy, the stock market, and the real estate market. It makes sense. When things are going well...
As we close out the first half of 2022 and celebrate our Great Nation's Independence, let's take a moment to be take a look back on the wild ride that has been this year so far. We started the year off with low housing inventory, and interest rates in the low 3% range. Demand surged as buyers looked to get ahead of the highly anticipated interest rate hikes, and many properties were selling 10-20% over...