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...
Valmonte
South Bay Real Estate Market Update: May 22, 2023Market Rating: Seller’s MarketOnce again it was a busy week for buyers and sellers in the South Bay. Closed sales held steady with more properties selling at or over the list price, while new escrows declined slightly. Inventory increased just a bit but overall we saw tight supplies across most neighborhoods. There were some big sales in the Manhattan...
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...
The year is in full swing and despite some wild weather, the sun shines brightly and the local mountains are full of snow. I want to give a special shout out to our local cities for their diligence and prompt responses to the downed trees and debris as the result of the recent wind and rain storms that recently soaked us. It’s hard to ignore the headlines, but by now I assume that if you are reading...
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....
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...
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...
It's time to spread some cheer and decorate your house for the Holidays. As we did last year, we are giving away special gifts from local businesses to the winners as voted on by our panel of experts. To enter, all you need to do is decorate your home by Sunday, December 12th and the winners will be announced on December 18th. Make old Clark Griswold proud and go all out this year in...
In this video blog post we discuss the rapid rise in real estate prices and discuss the driving force behind the buyers pushing the...