Palos Verdes Real Estate MARKET UPDATE (November 6, 2011)
MARKET ALERT! –>
The market inventory of single-family residences on the Palos Verdes Peninsula continued to decline to 223. The new listings during last week were 17 which is too many, but there have been also a large number of cancellations. Sales (escrow openings) slowed a bit to 9. The demand and supply gap is now below 133, and rapidly declining. This sharply improving demand-supply condition has not been translated into a higher price.
Although inventory is relatively low, home prices are still very weak and given the approaching holiday season, prices may not start recovering in a meaningful way until early next year.Sales during last week were again led by lower priced property. The Rancho Palos Verdes West areas, conversely, are doing very well.
With rates continuing to be favorable and the possibilty of the conforming loan level returning to $729K, we continue to believe that this represents a unique opportunity for Palos Verdes Real Estate.
Please visit our Featured Palos Verdes Real Estate Listing
Please read more in our popular blog with unique analysis and full of useful information. PV Brokers Real Estate Blog (As of 09:30, November 6, 2011)
|PRICE RANGE||ACTIVE||IN ESCROW||E/A RATIO|
|MEDIAN PRICE (,000)||$1495||$995|
The townhouse market continued doing well; the condo market suddenly got momentum. (E/A Ratio:townhomes- 82%; condos- 69%)
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