RPV is very area specific, as is most of the southland. Additionally, it is also very house specific. There are areas and homes in RPV that have actually appreciated over the past few months and other areas that have depreciated. So many factors come into play. Some of the most obvious are items such as:
1. Size of home
2. Number of bedrooms and bathroom
3. Location - hillside, flat lot, view, ocean view, neighborhood, etc.
4. Upgrades - new(er) kitchen & baths vs. original construction.
Do not fall prey to generalized statistics. Recently i read that home sales were at an all time low (that was nationwide) and then a day later that home sales increased 89% year over year as of November 2008 (that was California wide).
When looking at statistical data (taken from the MLS and compiled by an independent company - Trendgraphix), I again see information that could be used to support either growth or decline. For example: the one year growth in average price per squar foot is 1.6% for RPV (November over November), however, in between there were months like May 2008 where the average price per square foot of the 22 homes closed in that month was $546 compared to $491 in November 2008. On the other hand in February and March 2008 the average price per square foot of homes sold was only $468 (with 17 and 19 homes sold respectively). And, when narrowed down to homes between 1900 and 2199 s.f., we see growth of 2.8% in price per square foot, year over year. I would be happy to send you these statistics if you contact me directly.
Some of the most important questions to ask yourself at this time are
- Did you buy a home you love and plan to stay in for a while?
- Did the move answer any of your core concerns such as closer to work, better schools for the children, or whatever your core reasons for your move were?
- and other questions along these lines.
Then, if you are still unsatisfied and truly curious to see what the value of your home has done in the last month, contact me. I would be happy to run you a comparative market analysis at no cost and no obligation.
I just want to point out, you have purchased a home in a highly desireable area, with great schools, and one which has seen annual home appreciation of 7 - 8.6% per year over the past 10 years (even with the current market corrections over the past 2 years). My wish for you is that you enjoy your new home and not spend your time worrying over monthly price fluctuations. My hope is that 10 years from now, when and if you decide to move again, you will be filled with great memories and reap the rewards of having lived in one of the greatest places there is to live in Southern California. Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty