Picture courtesy of google image & www.palosverdesshores.com
AS you can see by the chart below, the sky is not yet falling in Palos Verdes Housing Market!
and it probably will not change much for 2008. Calif. Association of Realtors predicting a 6-8% drop in 2008 and in all Los Angeles County Coastal Properties 12 % is projected.
This should not be your concern if you are a Palos Verdes Homebuyer for 2008. Finding a home and grabbing the low interest rates before they go up should be your motivation. A 1% increase on a loan for $600,000.00 can cost the borrower another $250,000.00 over the life of the loan for 30 years. Right now with the FHA Conventional moving up to $749,000.00 that is the loan to go for and go for it quickly. This is were the real savings are to be found.
Look at it like this Wait for the prices to drop and save $50,000.00 When waiting may cost you as much as $250.000.00 if the interest rates go up is a dangerous game to play.
Waiting may cost you in the long run another $200,000.00 if you plan on living in your home for more than 15 years.
| Date | 10/06 | 11/06 | 12/06 | 1/07 | 2/07 | 3/07 | 4/07 | 5/07 | 6/07 | 7/07 | 8/07 | 9/07 | 10/07 | 11/07 | 12/07 |
| For Sale | 13 | 10 | 3 | 2 | 0 | 6 | 10 | 9 | 4 | 4 | 7 | 10 | 7 | 8 | 8 |
| Sold | 4 | 8 | 8 | 4 | 2 | 9 | 5 | 3 | 6 | 8 | 4 | 1 | 2 | 3 | 0 |
| Pended | 5 | 7 | 2 | 3 | 11 | 4 | 4 | 4 | 6 | 4 | 2 | 1 | 3 | 0 | 0 |
| Months of Inventory based on Closed Sales | 3.3 | 1.3 | 0.4 | 0.5 | 0.0 | 0.7 | 2.0 | 3.0 | 0.7 | 0.5 | 1.8 | 10.0 | 3.5 | 2.7 | n/a |
| Months of Inventory based on Pended Sales | 2.6 | 1.4 | 1.5 | 0.7 | 0.0 | 1.5 | 2.5 | 2.3 | 0.7 | 1.0 | 3.5 | 10.0 | 2.3 | n/a | n/a |
| Avg. Active Price | 931 | 913 | 913 | 969 | 0 | 954 | 946 | 923 | 955 | 943 | 922 | 921 | 925 | 913 | 900 |
| Avg. Sld Price | 936 | 912 | 926 | 920 | 912 | 929 | 872 | 927 | 913 | 901 | 916 | 870 | 859 | 925 | 0 |
| Avg. Sq. Ft. Price | 576 | 512 | 499 | 578 | 586 | 577 | 604 | 559 | 548 | 527 | 557 | 607 | 610 | 512 | 0 |
| Sold/List Diff. % | 99 | 97 | 97 | 95 | 96 | 99 | 99 | 99 | 99 | 98 | 98 | 99 | 98 | 97 | 0 |
| Days on Market | 32 | 42 | 67 | 69 | 33 | 35 | 34 | 4 | 36 | 55 | 10 | 53 | 12 | 56 | 0 |
| Median Price | 950 | 912 | 924 | 922 | 912 | 916 | 895 | 968 | 895 | 902 | 922 | 870 | 860 | 905 | 0 |
| *All reports are published Jan. 2008, based on data available at the end of Dec. 2007. All reports presented are based on data supplied by the South Bay Association of Realtor or its MLS. Neither the Association nor its MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed. |
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