Every so often we like to look at the actual numbers on the Palos Verdes Peninsula and show you how the real estate market is going on a hyperlocal, neighborhood-specific basis.
First, in Palos Verdes Estates, we see that the median home price has risen dramatically over the past 90 days:
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Now, let’s compare that to the prices in nearby Rolling Hills:
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Rolling Hills Estates:
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And Rancho Palos Verdes:
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In all neighborhoods the median home price is much higher than in the months prior to the 2013 winter holidays except for Rancho Palos Verdes, where the value rose dramatically until the end of December 2013 and has remained steady since. Why are prices up? Well, there are a number of factors, including a low available pool of listed homes for sale. When demand is up and supply is down, it means that the value of the home will be greater than when demand is not as high. Home values will probably not increase at such a quick rate once more properties are listed for sale in these areas.
