Before you even consider investing in any real estate it is always a good idea to check out the market and see what the market trends are like. Are the properties becoming more or less popular? How much is the median sale price? Do the statistics show that this would be a good place for long-term investment? When is the best time to buy property in this area?
All these questions should be asked before you go any further. So, to help you on your real estate adventures, we are going to answer these queries for you and show you a little bit about Ranchos Palos Verdes real estate.
Recent Market Trends In Rancho Palos Verdes
By February 2022, the Rancho Palos Verdes real estate market was up by over 17% within the last year. This raised the median sale price of properties in this area to a total of $1,775,000. That’s a very healthy increase.
Though there was a short-term crash in January of 2019 where the median price dropped to $785,000 the results of the last 5 years show a steady increase and growth in the market. February 2017 showed a median price of $969,500 which means that within 5 years it has gotten very close to doubling in price.
What does this mean for you? Well, there is never any 100% guarantee in any market. However, by examining the data it is clear to see that Rancho Palos Verdes has a significant and steady influx of interest and market growth. This makes it a prime spot for investment since it is likely that whatever you invest will be worth a lot more down the line.
Buying And Selling Property In Rancho Palos Verdes
Popular real estate is always a double-sided coin. On the one hand, if you are selling then you want to get the most interest from the most people and sell the real estate when the market is at its peak. However, if you are buying a property in this area, then you want to be able to compete with the other bidders and get the best deal for the best property.
In either case, you should know that this is a highly competitive area where a single property is likely to receive multiple bids for its purchase. A standard home in Rancho Palo Altos is statistically likely to sell at about 6% above its list price whereas some of the more sought-after properties can easily sell for 12% above their list price.
Depending on the popularity of the property homes generally sell within 2-4 weeks of being put on the market so make sure that you get your bid in early if buying and you are ready to sell early if you are selling