Different Markets/Different Experiences

By
Real Estate Agent with Remax Palos Verdes Realty

Palos Verdes Market Data Chart for 2010 Third Quarter for 90274 and 90275

Palos Verdes real estate single family residence sales results for the first three quarters of 2010 indicate a 5.5% increase in average sales price and a 10.4% increase in median price compared to 2009.  Number of transactions/sales also rose 31% compared to last year.  As I wrote in my post on October 11, 2010, statistics for  the month of September 2010 were even better than August (click here to view post).

Recently, the headline for an article in the Los Angeles Times declared "Homes Sales Remain Weak - September puchases in the Southland fall 16%. The median price rises slightly."  When reading the entire article, there were some positive notes - in Southern California "Sales are up 81% from the last bottom, reached in Jauary 2008." 

It is always wise to look at each city and specific neighborhood when buying or selling a home rather than comparing your home to regional statistics.  Palos Verdes itself has 4 different cities and many different neighborhoods which experience different buyer demand which determines the ultimate sales price.  Click here to view a larger version of  the above graph. 

 

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Rainmaker
432,368
Stanley Stepak
Howard Hanna Gold- Avon Lake, OH - Avon Lake, OH
Realtor - Avon Lake, Avon, Bay Village, Westlake,

that is really great news for your area.  This is a great opportunity for people to invest in a property in the area.

October 25, 2010 11:18 PM #1
Rainmaker
432,368
Stanley Stepak
Howard Hanna Gold- Avon Lake, OH - Avon Lake, OH
Realtor - Avon Lake, Avon, Bay Village, Westlake,

that is really great news for your area.  This is a great opportunity for people to invest in a property in the area.

October 25, 2010 11:18 PM #2
Rainmaker
333,494
Brian Rugg
Rugg Realty LLC Sun City Texas 512-966-3200 - Georgetown, TX
Sun City TX Real Estate - Georgetown, TX Real Est

Hello Elaine:

 

Being able to dispel media myths and help consumers know the truth is worth its weight in gold.  My only suggestion is to brand the market data under your name instead of the franchise

October 25, 2010 11:41 PM #3
Rainmaker
101,154
Keith Kyle
South Bay Brokers - Manhattan Beach, CA
Top Producing Agent

Elaine...I (and probably everyone else in the South Bay) run into this just so often.  I just had an out of area buyer looking in Redondo tell me that he read an article on how the housing market in Las Vegas continued to plummet and he let me know that he would probably wait on purchasing as our market must be similar....right?  Absolutely incorrect but it's hard to convey this sometimes.

October 27, 2010 02:09 PM #4
Anonymous
Anonymous
Elaine Carlson

Keith - I just came from an economic forecast pesented by Eugenio J. Aleman, Ph.D, Director, Senior Economist for Wells Fargo & Company who said that we have "never had interest rates so low; never had affordibility so high" and "this is the best time to buy a home."  Dr. Aleman also said that "if you believe inflation is coming, this is the best time to buy." One of the reasons Las Vegas got hit so hard is that there was so much new housing being built and now that additional inventory (now in foreclosure)is depressing their market.  In the South Bay, we do not have large areas of vacant land and we did not have large tracts of housing being built.  This lack of expandibility of our housing is keeping the supply and demand better balanced.

October 27, 2010 06:11 PM #5
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Rainmaker
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Elaine Carlson

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