Palos Verdes Market Update for Last Quarter of 2005

The Palos Verdes Peninsula includes the cities of Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates, and the small unincorporated part called the Palos Verdes Peninsula.

In October, November, and December of 2005, there were 180 sales for single family homes, condos, and townhomes. The median price was $1,270,000, which is a 30% increase over the $975,000 median price for October, November, and December of 2004. While the prices are higher, the number of sales decreased by 20%, from 226 sales in the last quarter of 2004 to 180 sales in the last quarter of 2005.

The median days on the market for the last quarter of 2005 was 43 days. The number of new listings in this time period was 303 homes, which includes single family homes, townhouses, and condos.

The median number of days on the market has increased since the days of selling your home in a weekend. Inventory for buyers to choose from has increased, and prices are still increasing. Don't believe the media with their stories of a real estate bubble in the South Bay area unless the author can back it up with facts.