Homes in Palos Verdes, CATopic: Home buying
The name Palos Verdes is used to denote a group of coastal cities on the Palos Verdes Peninsula in the southwestern part of Los Angeles County, California. Some of the notable cities in the area are Palos Verdes Estates, Rolling Hills, Rancho Palos Verdes, and Rolling Hills Estates. This prosperous community is known for its landscape, horse trails, schools, and expensive properties.
The real estate market in Palos Verdes has suffered significantly since the financial crisis began in the U.S. and then spread to countries across the globe. Like the other cities across the country, the city has seen its home values plummet, a rise in foreclosures and a spike in inventory stuck on the market. But the real estate market as of late is showing signs of stabilization, giving real estate property buyers a cause for cautious optimism in the coming months.
The volume of sales has been increasing over this financial year, particularly as many property investors are encouraged to enter a market they might have otherwise avoided because of the government's plan to offer thousands of dollars in the form of tax rebates for the property buyers. For instance, we can take the report of the last few months reflects that around 66 Palos Verdes houses sold and around 76 sales pending, which is double the figure from last year at the same time.
The average price of homes in Palos Verdes has been hovering around $1.14 million, or $471 per square foot. The median price was $1.0 million, up from $962,000 of the previous few months. Though just experiencing a slight rise, these signs point out that the Palos Verdes real estate market is headed back in the right direction.
Meanwhile, the inventory in this high-priced neighborhood is down as well. There were 292 homes for sale in Palos Verdes in late December, the lowest figure registered in nearly a year and a half. December featured an unlikely spike back up in the average number of days homes for sale are spending on the market, which was up to 110 days according to figures of the past four months.
All these trends signify only one thing: that the real estate market in Palos Verdes is back on the right track and options are plenty. It is just a question of which property would you be interested in buying. If you are someone who is really looking forward to invest in the properties of Palos Verdes then choose the right real estate agent to get the best deals that suit your requirements and budget.
by Larissa Rubijevsky
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