Real Estate Forecasts Palos Verdes 2008 Courtesy of Top Agents in Palos Verdes
We were fortunate enough thanks to our fantastic Broker, Sandra Sanders, owner of Remax Palos Verdes to have the privilege of having one of the Calif. Assoc. of Realtors Economist join us at our office meeting last week
Here's the statistics for our coastal real estate market in 2007.
Drop in sales around 38.9%. Not this is not a drop in prices just in the number of homes sold. THe public sometimes confuse these stats.
The drop in home prices was on around 4.9$%for Los Angeles County Coastal Area. THe projected drop in pricing for 2008 will be around 6% for 2008.
As long as our economy stays strong which it is projected to we will not be seeing a big change in the real estate market for 2008,
The down cycle is suppose to be ending in 2008 and the market will return on the up swing as per the California Association of Realtors economists.
Our Remax Palos Verdes sales are doing much better only showing the sales volume on the Peninsula dropping under 20%. Drop in Sale Prices for 2007 only around 4%.
We are seeing the largest number of notice of defaults since 1996 but these will not turn into foreclosures.This not the 1996 market because most of the 2007 NOD are due to the bad loan the consumer purchased but the 2007 consumers can all afford the house they bought not like in 1996 when the foreclosed homeowners were out of jobs.
The economy is strong and the Homeowners are expected to keep their homes and get new financing due to the Sub Prime market issues. The main foreclosures in LA County are from the New construction in more remote areas of Los Angeles County which are not affecting the South Bay since Land is at a premium locally.
I would be happy to provide my clients with more charts and graphs courtsey of the CAR Website. Just let me know if you would like more detailed information.
Make it a great week.
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