Palos Verdes Real Estate
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January 2024 Newsletter
January, 2024
Dear Neighbor:
And the years keep whizzing by. I am finally seeing acknowledgement in the press of the slow decline in housing prices, now predicted to be 1.6% over the next year. If you’ve been reading this newsletter, you know that we’ve been seeing this kind of slow decline for most of the past year. That being said, prices are still at or near their all-time highs, and any house priced reasonably will still get multiple offers. It’s interesting that nationally prices are now about double what they were just prior to the 2008 meltdown; they may be just short of that locally.
Interest rates have come down almost 1% in the past 6 or so months. You can now get a 6% 30-year fixed rate if you know where to go. For perspective, this is slightly lower than the rate I paid when I bought my first house in 1974. I hear people say “rates are too high” these days, but that’s only compared to those of a couple of years ago when they briefly hit 3%. When I got into this business in 1984, you couldn’t get a fixed rate loan under 16%. If you’re thinking of buying, I wouldn’t advise waiting for rates to fall (if they do), especially considering that when rates fall, prices rise.
In 2023, 566 houses of all descriptions and prices sold in PV, almost the same as the number sold in 2022. Statistically the prices remained about level from January to December, tho out here in the trenches the feeling of a slow decline is inescapable. There are currently only 75 houses for sale on the entire Hill (including houses, condos, townhouses, etc), whereas last September (the last time I looked at it) there were 112. Some of that was due to the then-rising interest rates which, as I mentioned above, have recently come down somewhat; but still, even 112 represents a very tight market by historical standards. The shortage of homes for sale is one factor holding prices up, and if you’re a seller, that is a favorable environment.
If you, or anyone you know, is looking for a fantastic family home in the PV School District, give me a call about 2256 Rue Le Charlene, RPV. This is a completely remodeled 5 bedroom 3 bath home on a cul de sac that features a whole level that is prefect for the kids – 2 bedrooms, full bath, all of which adjoin a large family room/playroom, with direct access to the resort-like rear yard with pool, spa, large lawn, and great view. On the upper level is the master suite along with 2 more bedrooms with adjoining bath and another family room. There is also direct entry to the 3-car garage.
Give me a call at 310 613-1076 or email at [email protected]. You can also visit my website: www.DanaGraham.com. Thank you for your continuing support and Happy New Year!
Sincerely,
Dana H Graham DRE #00877973
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Dana Graham, Realtor®
Berkshire Hathaway Home Services
CA DRE #00877973
310 265-2141 (direct)
310 613-1076 (cell)
Top 10 agent
in PV in listings sold