All you hear on the news is housing market in trouble , foreclosures everywhere. California the worst hit. Housing market getting bad press and apparently, Palos Verdes Home Owners decided to listen.

The number of Palos Verdes Homes Sold are at an all time low. Palos Verdes have held off on placing their homes for sale due to the current media information. 

What this has done to the Palos Verdes Market is increased the value of the homes for 2007 compared to 2006. Your local Realtors maybe working around the clock to compensate for the slow down, The shortness of inventory in Palos Verdes has caused prices to rise to an all time high on the Palos Verdes Peninsula and more equity for the Palos Verdes Homeowners.

What this means to you as a homeowner is that this is an excellent time to sell to get top dollar for your property and move to the home of your next dream. You will save money in this market as a buyer because of the fantastic low interest rates, which will compensate for the higher home prices. In other words, it will not cost you more to move in this market and just may save you money.  See my interest savings info noted below. 

Check out the home sale prices on the chart below: Price per square foot in 2006 for an average house on the peninsula sold for $551.00 a square foot in 11/2006 and now at the end of the year 12/2007 the house prices rose as high as $669.00 a square foot. Yes, our houses are taking longer to sell but I venture to say that the next 3 mos, we will again continue to see an all time high in the local market. 

 This chart includes sales in the whole peninsula from $1,000,000.00 to $15,000,000.00  Individual cities are showing an even bigger increase in the Sale Prices, See my other blogs for Palos Verdes Estates and Rancho Palos Verdes for this year.

 So be kind to your local Realtors, they do need to be thanked for doing such a great job and selling the homes that are available for sale.  The slower the market is the harder we have to work to find new clients so we can keep Palos Verdes Prices on the rise.

This month I noticed my phones are very busy with customers calling again. I have never been so busy with customer inquires as in the last month.

Yes, you can see the number of houses sold has dropped from 30  in 11/06 to 13 sold for the month of 1/2008, but the prices that they are selling for have increased.

What does that mean to any potential Sellers thinking about moving. Now is the time to sell while our inventory is low to get the best price.  With the great low interest rates now is the time to buy for a buyer. Waiting in this market can cost a buyer on a $500,000.00 loan as much as $250,000.00 in interest for the length of the loan (25 Years)  if the loan rate goes up just 1%.  It is incredible savings.

Check with your local financial institution to show you how to take advantage and save Hundreds of Thousands of dollars with the current interest rate.

Palos Verdes Pennisula Courtesy of Google Images PV Board of Realtors

Months of Inventory based on Closed Sales

11/06

12/06

1/07

2/07

3/07

4/07

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6/07

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10/07

11/07

12/07

1/08

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Months of Inventory Based on Pended Sales

11/06

12/06

1/07

2/07

3/07

4/07

5/07

6/07

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10/07

11/07

12/07

1/08

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