Palos Verdes Real Estate

November 2022 Newsletter

                                                                                                                                                                                                                                                                                                                                              November 2022

Dear Neighbor:

I get a lot of real estate data from various sources, so here’s the latest from out here in the trenches:  In California the median home price is down 8.7% from the peak in May, and fell 2.1% during September (October data is not yet in).  On the other hand, the median price is up 42% statewide since February 2020 on the eve of Covid.  The anomaly is Los Angeles County, where the median price actually rose 4.3% in September.  Remember these statistics are based upon closed sales, and therefore reflect the market 60-90 days prior, when those properties went under contract.

On a local level, whereas there were about 40 houses on the market in Palos Verdes last Spring, there are 107 as if this writing, with an average time on the market of 71 days, compared to an average of 20 days on market from January thru June of this year – so they are taking roughly 3 times as long to sell.  Of those 107 houses currently on the market, 49 have reduced their asking price.  This is fairly typical when a previously hot market cools off because, as we have discussed before, agents and sellers look at closed sales to set asking prices, and closed sales are, by definition, a snapshot of the past — in this case the market was at or near its peak when they went into escrow.

All that having been said, and as much as it may bug you at having missed the peak, if you are planning to sell in the next year or two, today’s prices are going to look pretty good 2 years down the road . . .   unless you’re prepared to wait 6-7 years minimum for the market to be back to where it is today.  I’ve been selling houses in Palos Verdes for 38 years, and while my crystal ball is in for a lube and oil change, this is my best prediction based upon past cycles.

Meanwhile, selling or not, if you’re interested in Palos Verdes history, I’ve got a bit of it on my website, www.DanaGraham.com.  I wrote all of it myself because you don’t need me to re-hash the work of others, and I’ve lived here for 75 years and saw much of it first-hand.  “Things You Always Wondered About Palos Verdes” is on the first page and talks about little known or corrects inaccurate information concerning as to why certain things in PV are the way they are.  The brown button at left, About Palos Verdes, goes thru the history of the Peninsula from the Late Cretaceous to about the 1960’s, which is current events to me. 

Give me a call if you’d like to discuss selling or buying real estate, military history, pre-1759 music, or cars – 310 613-1076 or [email protected], and I look forward to hearing from you.                                                                                                                                              

 Sincerely,

Dana H Graham

DRE #00877973

This entry was posted on Monday, November 7th, 2022 at 8:30 am and is filed under Buyers, Everything I've Written, History & Current Events, Newsletters, Palos Verdes Information, Real Estate General Info, Sellers. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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