Is the hot housing market cooling off in Palos Verdes and the South Bay of Los Angeles? These snapshots that measure the pulse of the local housing market indicate all three markets we measure are drifting away from the white-hot housing market that favored sellers throughout 2013. For the first time in months the Palos Verdes marker is hovering near 2, and the South Bay market has moved off its solid 1. The Beach Cities cool-off is less pronounced but is detectable.
What does this mean for housing market participants? Buyers will have more choices as inventory increases and sellers will have more competition as the local housing market moves toward a neutral market.
– Norma Toering, Broker Owner of Charlemagne Intl Properties