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Palos Verdes Real Estate Mid-Year Report Card

By
Real Estate Broker/Owner with Charlemagne International Properties BRE# 01147470

I recently attended a webinar given by two of California Association of Realtors' top economists. They presented lots of charts, graphs, and accompanying statistics and I will do my best to boil down the findings and share a few nuggets of numbers and trends that are particularly apropos to the local Palos Verdes and Beach Cities real estate markets as we enter the second half of 2016.

 

Here are my chief takeaway points: 

1)  Inventory is still constraining California's housing market.  Most markets have a 3-4 month supply of homes for sale.  The exception is the luxury market where available inventory stands at approximately a six-month supply in most markets.

2) California sales are up 2.1% over 2015 sales.

3)  Appreciation rate is slowing.

4) 94% of sales YTD are non-distressed. California is in a normal market with only 6% of sales statewide being either a short sale or bank-owned.

5)  Qualifying for a loan is still difficult.  30-year fixed rate is approximately 3.5%.

 

 

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The local market supports the economists' numbers.  Overall, our local market reflects a relatively strong seller's market.  However, the luxury home market (those properties priced at or above $3,000,000) are in a neutral or normal market with approximately 4-6 months of available inventory.

 

Charlemagne Int'l Properties
Norma Toering Broker Owner 310.493.8333

Comments (4)

Kathy Schowe
California Lifestyle Realty - La Quinta, CA
La Quinta, California 760-333-8886

Our desert market has been unseasonably hot!  Hope it continues right on into fall!  Kathy

Jul 31, 2016 05:39 AM
Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.

It's good when temperatures soar, real estate continues to sell!

Jul 31, 2016 06:46 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Norma, This is a nice mid-year update on the Palos Verdes and Beach Cities real estate markets. Here’s to your continued success and happiness.  

Aug 01, 2016 01:18 AM
Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.

Kathleen - Thanks, but it's hard to believe it's already time for mid-year updates.

Aug 01, 2016 09:21 AM