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Real Estate Rancho Palos Verdes Style

The Rancho Palos Verdes Market for 2008 is on the rise for single family homes sold compared to 2007 statistics. See the chart below and start to buy, no more time is left to procrastinate. The market is on the rise and how. THe interest rates are also on the rise, which means that the buyer who did not grab the rates at 5.5% on a $500,000.00 will now be paying 6.75% and over the life of your loan will spend $250,000.00 more in interest for the same home that could have been bought 3 mos. ago.

Don't add rising prices to the interest rate increase and then look back. Now is the time to make the move, the market is picking up and the buyers are back. Check out the chart below.

RPV

Date 4/07 5/07 6/07 7/07 8/07 9/07 10/07 11/07 12/07 1/08 2/08 3/08 4/08 5/08 6/08
For Sale 89 110 106 110 124 132 119 100 92 110 125 128 127 138 143
Sold 29 32 26 39 34 17 11 22 13 10 17 19 20 22 22
Pended 19 20 24 27 10 8 21 11 9 8 26 23 22 23 23
Months of Inventory based on Closed Sales 3.1 3.4 4.1 2.8 3.6 7.8 10.8 4.5 7.1 11.0 7.4 6.7 6.4 6.3 6.5
Months of Inventory based on Pended Sales 4.7 5.5 4.4 4.1 12.4 16.5 5.7 9.1 10.2 13.8 4.8 5.6 5.8 6.0 6.2
Avg. Active Price 2101 2057 1999 2167 1999 1935 1952 1984 1770 1894 1875 1801 1769 1796 1816
Avg. Sld Price 1400 1453 1118 1430 1256 1669 1154 1323 1579 1519 1334 1154 1388 1602 1555
Avg. Sq. Ft. Price 512 567 527 545 513 559 487 483 519 515 468 468 497 546 529
Sold/List Diff. % 97 98 99 98 98 96 97 99 94 95 94 94 94 95 96
Days on Market 50 39 45 46 25 47 44 54 49 63 50 60 80 73 72
Median Price 1299 1212 1082 1265 1175 1200 1150 1222 1165 1504 1260 1065 1091 1234 1070
*All reports are published Jul. 2008, based on data available at the end of Jun. 2008.
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.

Posted Saturday Jul 26

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