June 27th, 2020
Palos Verdes home sales status relative to the California State wide trends
Even though mortgage rates remain at historic lows, the fact that prices have apprectiated so much in the last year, fewer buyers are qualified to buy.
The concern is the drop in sale volume will threaten any type of economic recovery for the state. “The drop in sales could have economic repercussions. When someone buys a home, they often splurge on items such as new furniture, fresh paint or new carpeting. Then there are real estate agents, mortgage brokers and moving companies to pay. The housing multiplier effect is very significant, because there are so many things that happen with a home purchase,” said Leslie Appleton-Young, chief economist for the California Assn. of Realtors. That is dampened when you have lower home sales.”
You’ve often heard me, in my blog postings, comment about the 2nd oldest rule in real estate. You all know, I’m sure, RULE #1
Location, Location, Location.
Rule #2 is a close 2nd and that is ALL REAL ESTATE IS LOCAL. In other words it really matters very little as to the trends for Palos Verdes home sales, on what’s happening in Fresno, or Walnut Creek or where ever.
While CoreLogic reports that sales are down 12.4% from a year ago and that home sales last month were 19.4% below the 26-year average for July, the fact is that Palos Verdes home sales are insignificantly different from this same time period compared to last year. This is clearly demonstrated at this site.
Look at the table and you will see that sales volume in Palos Verdes Estates is less than 2% down in the 6 month periods between 3/1/2013-8/31/2013 compared to 3/1/2014-8/31/2014.
In fact, let’s look at a slightly bigger picture than just Palos Verdes home sales. Let’s study the South Bay market. If you would please play the video at https://www.bestpalosverdeshomes.com/seller-buyer-tips/palos-verdes-real-estate-trends/, you will see that there has been a steady upward trend in sales volume.
So what of the future? Sure no one, let alone me, has a crystal ball, but I challenge you to find the hint in the video at https://www.bestpalosverdeshomes.com/seller-buyer-tips/palos-verdes-real-estate-trends/. Which chart has it and what might it suggest?
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