Market Update
Palos Verdes Peninsula
2021
mid year
6 months into 2021…AMAZING
If you had told me 15 months ago the world would have experienced a Pandemic and that our lives would be turned upside
down, I never would have predicted that the Residential Real Estate Market would respond as it has. I likely would have
told you this looming Pandemic would be devastating the Real Estate market. Now that we are on the backside of those 15
months, we see that just the opposite has happened…The first half of 2021 has provided our South Bay Real Estate market
with the following:
• Extremely low inventory
• Multiple offers on most listings, providing the home is properly priced
• Historically low interest rates for the 4th year in a row
• Extreme buyer demand
• Staggering appreciation in home values
With these factors in place and very few warning signs of a slowing market, I believe the remainder of 2021 will continue this
pace. Looking forward there is some talk of INFLATION, which could cause interest rates to rise and have some impact on
buyers' ability to qualify for a home mortgage. I am starting to see signs of a new emotion, "BUYER FATIGUE," as a result
of buyers' emotional exhaustion from the excitement / disappointment cycle that comes with multiple rejected offers.
Having been a full time Real Estate agent for 35 years in the South Bay, I have experienced two major corrections (significant
decline in value) so it is critical to keep a watchful eye on changes that may affect the current pace we are experiencing.
If we can be of help to you with regard to ANY of your real estate and
home ownership matters, please don't hesitate to contact us.
Steve & Ceci Watts
