June 29th, 2019
One of my clients was searching on my website for homes and came across this one (click the map below) that he studied. The home is one of the Rancho Palos Verdes CA homes in the upper quartile of home prices for Rancho Palos Verdes. As part of my customer service, I wanted to provide a bit more information value for him and put together the email you see below. The theme in the article is two fold:
- How does this Rancho Palos Verdes CA Homes market behave as defined by supply and demand trends and
- Does this allow us to draw any conclusions, if only educated guesses as to the timing of when to buy
- Look at details and pictures of all the homes for sale in the upper quartile of prices for Rancho Palos Verdes (scroll down)
That being said, the timing of a purchase really doesn’t matter as while real estate is a commodity, it isn’t like gold or silver or live cattle futures … it’s your home. And when the right home comes on the market, you make a move. In the long run, the “timing” really shouldn’t matter that much. If you missed the right home, only to buy the wrong home at the “right time” are you really going to be happy? Still, understanding the effects of supply and demand on the purchase or if you’re a seller, the sale, of any of the Palos Verdes homes, is worthy of consideration. That’s an interesting part of Rancho Palos Verdes; it’s across the street from the Palos Verdes Estates Country Club so in a way, the “feel” of this neighborhood is Palos Verdes Estates (considered a bit more upper echelon than Rancho Palos Verdes) but you’re in Rancho Palos Verdes.
There are advantages and disadvantages with this, some people care others don’t.
The price of this home certainly puts it in the upper quartile of homes sold in Rancho Palos Verdes, so let’s take a look at that part of the real estate market.
The conclusion I reach in noticing the trends from the beginning of the year is that while inventory (red line, supply) has been increasing, so to has demand (absorption); so much so that just recently, demand is outpacing supply.
(want to get charts like these for your own home and neighborhood? click either of the charts to sign up, it’s free as part of my customer service. All I ask in return is that you consider to choose me as your Realtor)
The chart above is of the proprietary market strength index along with $/sqft trends for the upper price quartile of RPV homes. Price always lag behind the indicators, a good thing as that allows us a best guess for future movement
My conclusions is that with the market action index reaching a new intermediate term high, with absorption (demand) outpacing inventory) supply – prices in the near term are going to head higher.
If I were selling a home in the highest price ranges of Palos Verdes homes, I would be getting my home on the market right about now.
Rancho Palos Verdes CA Homes in the top quartile of prices
38 Santa Barbara Drive
Rancho Palos Verdes,
2330 Daladier Drive
Rancho Palos Verdes,
Get the latest real estate trends from Manhattan Beach homes south through the Palos Verdes homes markets Deep demographics on the individual multiple listing service areas, not just zip codes but rather specific zip codes
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