sellers market

South Bay Real Estate Market Update: December 9, 2022

South Bay Real Estate Market Update: December 9, 2022Sales keep moving along, but inventory running thin; How does Q4 compare to the rest of the year?This week we are diving into the numbers and comparing today’s market with early Spring, Summer, and Fall to see how things have changed this year. This week, we saw another 61 sales close in the past week which is consistent with the past few weeks....

Valmonte House Price Growth Months Hits 62.5%, Palos Verdes Estates 49% Since October 2020!

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...

Q3 2022 South Bay Real Estate Market Recap

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...

What Is Normal?

There is a lot of prognosticating going on these days.  Whether it's around the economy or the upcoming elections, Things are constantly compared with "normal." But what is normal? According to Webster, normal is a very technical term with many definitions.  In the case we often hear it used, this is the most fitting definition: "according with, constituting, or not deviating from a norm, rule or...

July 2022: What’s Going on with the Market?

The real estate market is going through some interesting times this summer.  We have low inventory, prices are holding at all time highs, and interest rates are up about 2% from the start of the year.  When viewed with my 2021 goggles on, it looks like buyers have gone on vacation this summer.  While some may just be on vacation and put their home search on hold, others may have stopped looking...

Is Now a Good Time to Buy or Sell Real Estate?

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...

2021 Recap and 2022 Forecast – Record Prices and Not Enough Supply

2021 Market Recap To put it simply, 2021 was an amazing year if you own real estate anywhere in the US, but especially here in the South Bay and Palos Verdes. For the wider South Bay, 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 late 2008. Meanwhile as inventory has...

End of Summer Market Recap – Years of Declining Supply Vs. Rising Demand

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 – Are You Feeling It?

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...

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