July 24th, 2018
Figuring out where to live on the Peninsula is not just about studying Palos Verdes Home Values. It’s about what the different sides of the Peninsula do for you in terms of commuting factors, proximity and driving distance for schools, temperature, cultural and demographic considerations, and equestrian issues to name just a few.
It’s not a real estate broker’s job to make those value decisions for you, but what is our job is to point out some facts that may be important when it comes time to make a decision about where you want to live. Over the years, my clients ask me about the east side of the Palos Verdes Peninsula and the west side of the Palos Verdes Peninsula. Is there a difference? Does one side appreciate more than the other? When the market cycles downward, does one side of the Palos Verdes Peninsula fare better than the other.
I’ve never seen a study done on this, so I guess the old saying is true, “When you want the job done right, do it yourself”. So I did.
Without making any judgments whatsoever, understand I’m just presenting the facts.
Palos Verdes Home Values East versus West Side of the Peninsula
- Data: CRMLS (our local multiple listing service and the sales reported to it by Realtors)
- Geographical Description: Rancho Palos Verdes home values only (excludes Palos Verdes Estates, Rolling Hills and Rolling Hills Estates. This was done so as to now skew the data for city considerations)
- Property Type: Single Family Residences only
Palos Verdes Home Values chart – What did I find?
We see that in the ’90s and until about 2004, the two sides of the Peninsula performed fairly closely. But then, beginning in 2004, the west side of the Peninsula started appreciating faster and Palos Verdes home values on the west side of the Peninsula sustained themselves, albeit with volatility, for a longer period of time. Beginning in 2007, Palos Verdes home values started dropping, and while the west side of the Peninsula between August of 2007 and December of 2009, fell faster than the east side of the Palos Verdes Peninsula, the Palos Verdes real estate market recovered faster on the west side of the Peninsula.
Palos Verdes Real Estate Market Cycles
In fact beginning in May of 2012, Palos Verdes home values on the west side of the Palos Verdes Peninsula began appreciating at a significant rate while the east side of the Palos Verdes Peninsula continued to fall. It wasn’t until early this year that the east side of the Peninsula experienced appreciation for Palos Verdes home values.
Well, the natural follow up questions, there are two, are:
- Why is there a difference?
- And can we expect this pattern to continue for the next 5-20 years?
- Send me an email, text or give me a call and let’s talk about it.
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