As we approach the end of 2021 most would agree that we could not have anticipated what took
place in the world of Real Estate this year. Buyers were blindsided by extremely low inventory and
unusually high buyer demand with homes selling within days of listing, often with multiple offers
upwards of 100k+ over asking price. Sellers, on the other hand, delighted in the sharp increase in
value of their home and many seized the opportunity to cash out on their home investment. The
median home value in the country rose 25% year to date, which is record-breaking growth for one
year.
In the South Bay and Palos Verdes we experienced inventory and interest rates at historic lows and
buyer demand at a historic high. If these trends continue, sellers are poised for another strong year
ahead. However, inflationary pressure on our economy and an uptick in interest rates are possible
in the new year and these two factors have initiated a real estate correction in the past. We have
experienced consistent increase in real estate value for the past eleven years and as history shows
what goes up will come down…the question is, when?
Come what may, it is an honor and privilege to get to serve our clients and offer them incomparable
service and confidentiality as we help them accomplish their real estate goals.
Steve & Ceci Watts
310.874.8775 • www.WattsRealEstate.com
Single Family Home Statistics
For All of Palos Verdes Peninsula
YEAR HOMES
SOLD
LOWEST
SALE PRICE
HIGHEST
SALE PRICE
AVERAGE
SALE PRICE
AVERAGE
DOM
2011 567 $407,500 $9,150,000 $1,356,635 101
2012 638 $200,000 $7,000,000 $1,349,211 90
2013 710 $225,000 $8,750,000 $1,429,872 71
2014 647 $350,000 $13,500,000 $1,655,922 71
2015 712 $305,000 $15,550,000 $1,717,285 71
2016 697 $610,000 $11,950,000 $1,693,280 68
2017 692 $615,000 $13,840,000 $1,744,363 46
2018 645 $700,000 $22,400,000 $1,842,398 47
2019 657 $680,000 $15,500,000 $1,820,017 54
2020 702 $730,000 $10,500,000 $2,024,603 44
2021 867 $745,000 $16,680,000 $2,471,477 25
Market Update
Palos Verdes Peninsula
2021
year
end
