(Sept 26, 2023)
PDG Dave Moyers is a Past President of our Club and was District Governor of District 5280 in 2007-2008. He is a real estate broker who started his career in August 1973, now completing 50 years in real estate (www.MoyersAndBradleyHomes.com).
Residential real estate is popular in Palos Verdes because of its fine school system and community attractiveness. With the recent trend of working more from home, buyers often want a bigger home with more workspace.
Dave reviewed the current residential real estate market in the Palos Verdes Peninsula area. He passed out a packet of fact sheets on local trends for the most recent 12 months. This included monthly totals of single-family homes and condos/townhomes for sale, sold, or pended. Homes were on the market for an average of about 30 days, ranging from 20 to 66 days. Current 30-year mortgage rates can be viewed on www.Bankrate.com (after answering questions about income, credit rating, etc). The average rate was 5.53% for 2022. The lowest recent rate was 3.15% in 2021, and the highest in the recent past was 16.64% in 1981.
Average selling prices were about $2.6 million for single-family homes, and over $1 million for condos and townhomes. The average price per square foot was about $920 for single-family homes and about $630 for condos and townhomes.