West Palos Verdes Home Sales in 2009
Rancho Palos Verdes has several sub-areas, including the area known as West Palos Verdes. Sales of single family homes here have held steady for the last few years, which is pretty unusual for the South Bay. What is particularly noteworthy is that the median prices of these sales have had a surprising volatility.
Back in 2007, the median price exceeded $2,700,000, but then dropped to $2,100,000 the following year and then again to $1,200,000 this past year. It’s as though there are really two distinct markets within West Palos Verdes. On the one hand, there continue to be several sales below $1,000,000, but on the other hand there are many over $2,000,000. In 2008, more than half of all sales surpassed the $2,000,000 threshold, but less than a quarter did last year. To put this in perspective, back in 2000 the median sales price for a single family home was $645,000.
None of the few homes in escrow closed in January of 2010. There are currently three homes in escrow and all three of them have a list price of over $2,200,000. It appears that the higher price market has been engaged moving into this year and that as a result the median sales price of the year could very well exceed last year’s price.
What is also of interest is that there is about a year worth of inventory of single family homes currently for sale. Of these, the majority are priced over $2,000,000. In fact, nine of the 16 listings are priced over $4,000,000. All of the listings are for homes that were built in 2005 or earlier.
West Palos Verdes home listings are yet another example of how no two sub-areas of the South Bay are experiencing identical sales patterns with respect to both number of sales and price. There may be price reductions on the existing inventory if the sellers are serious about selling their homes.
Tony Cordi is the owner of Beachtime Realty, serving the South Bay since 2007. He specializes in beach properties across the South Bay and Palos Verdes. Tony has helped several clients identify properties where they can add value by remodeling or developing the property.
