Donald Trump is often quoted, as saying there is no bad press, although the real estate industry might beg to differ since so much of the press it received in 2007 was negative.
Since all real estate is local, it is misleading to look at it as a national statistic. Here are a few uplifting numbers and facts for Rolling Hills, Palos Verdes Estates, Rolling Hills Estates and Rancho Palos Verdes-zip codes 90274 and 90275 in Southern California.
The Palos Verdes Peninsula (includes all four cities mentioned above) statistics for 2007 with comparable 2015 numbers for a side-by-side analysis:
211 single family residences listed for sale. ( March 2015 there are 144)
38 single family residences in escrow. (March 2015 there are 113 properties in escrow)
495 single family residences sold in 2007 (as of 11/16). (649 single family homes sold from 3/15/14-3/15/15)
Current inventory of homes for sale is down, sales are up. The takeaway from these real estate numbers is lack of inventory is the largest issue the local Palos Verdes market faces as we head into the high selling season of 2915.
Highest price paid YTD for a home on the Palos Verdes Peninsula in 2007:
Palos Verdes Estates: $8,650,000 Highest 2015 sale: $15,550,000 as of March 15.
Rancho Palos Verdes: $6,999,000 Highest 2015 sale: $3,200,000 as of March 15.
Rolling Hills: $6,500,000 Highest 2015 sale: $540,000,000 as of March 15.
Rolling Hills Estates: $2,800,000 Highest 2015 sale: $3,017,000 as of March 15
Lowest price paid YTD for a home on the Palos Verdes Peninsula in 2007:
Rolling Hills Estates: $965,000 2015 lowest price: $965,000
Palos Verdes Estates: $940,000 2015 lowest price: $799,000
Rolling Hills $810,000 2015 lowest price for Rolling Hills: $2,924,000
Rancho Palos Verdes: $548,900 2015 lowest price for Rancho Palos Verdes: $585,000
Least expensive home for sale on the Palos Verdes Peninsula:
Rancho Palos Verdes: $599,000 in 2007. 2015 lowest price home: Rancho PV for $649,000
Most expensive home for sale on the Palos Verdes Peninsula in 2007:
Rolling Hills: $23,000,000
Most expensive home for sale 2015: $53,000,000 located in Rolling Hills.
The takeaway is the Palos Verdes real estate market has gained back the losses suffered during the recession years, and is some areas, such as entry level and luxury homes, is exceeding 2007 prices.
Whether you are in the real estate market for home in a top rated school district or a luxury estate, there is a property that meets your needs in Palos Verdes. From the gated city of Rolling Hills, to the coastal luxury mansions of Palos Verdes Estates and Rancho Palos Verdes a variety of styles and price are always available. Call the PV Pro at 310.493.8333 for a tour of homes tailored to your unique needs.
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Based on information from the Association of REALTORS®/Multiple Listing as of the initial date of this article/blog publication and /or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.