2024 Palos Verdes Market Forecast Real estate prices are expected to rise 2-4% but huge gains are unlikely due to challenges with housing affordability to all but the very top end of the market Sales volume is expected to continue to remain below normal levels, but improve compared to 2023 Owners looking to “right-size” will continue to seek one level homes Millennial demand is not...
Palos Verdes Estates Real Estate
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...
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...
Despite what you may hear on the news or read in the headlines, the real estate market has not really slowed down this summer, and I don’t expect it will anytime soon in the South Bay. How do I know? The numbers don’t lie.Let's take a look at 3 different markets in the South Bay, Manhattan Beach, Redondo Beach, and Palos Verdes Estates. All 3 markets have seen a significant drop in inventory since...
The Wealth Effect What is the wealth effect? It can be described in simple terms as “if my neighbor just got that price for their home, then I can get that or more for mine!” It’s the effect of seeing a too good to refuse number to get a seller motivated to sell. At least that’s what buyers are hoping. As prices continue to climb to record highs, it’s the wealth effect that often drives “maybe...
Spring greetings from our humble abode here in Valmonte. After a bumpy start in the stock market, I write with the prospects of a great year ahead in both the overall economy, as well as the local real estate market. The Valmonte real estate market is coming off a strong end to 2017, and a robust start to 2018. In fact, in the last 24 months, no home in Valmonte has sold for less than $1,000,000! In...
Market climate - Valmonte There are currently 16 homes on the market, approximately double the amount year-over-year, and near the highest level in the current market cycle The absorption rate is 4.7 months, and nearing the peak of 6.4 months supply in October 2014 Prices on a square foot basis are near record highs ($734/ft) Days on Market for the last quarter are at record lows (41 days)...
2017 started off great. 13 homes sold in the first quarter within 97% of the asking price. But, as in the past, sellers are starting to feel confident and as a result we are seeing "optimistic" pricing. I don't blame sellers. I, like many realtors, am an optimist (you sort of have to be in order to survive in this career). We tell our clients "prices are rising," or "there's no inventory!" and...
We have enjoyed over 43% in average sales price appreciation over the last 4 years in Valmonte.