The Country Club area of Rancho Palos Verdes is one of the older communities within the city.
Single family home sales increased here to 21 last year from the 17 sold in 2008.
Interestingly, with the exception of one 13 year old home, all of the homes sold here last year were built before 1976.
The average age of the homes sold in 2008 was a bit lower.
This may partially explain the drop in the median sales price from $1,650,000 to $1,355,000 last year.
From 2005 through 2008, the median sales price fluctuated between $1,623,000 to $1,670,000, which is a pattern unlike most areas in the South Bay.
In 2000, the median price was $795,000, so home values here have done very well over the course of the past decade, in spite of the recent adjustment.
There have not been any closings through the end of January of this year, but there are currently three homes in escrow with a median price consistent with that of 2008.
This is an encouraging start to the year.
At this writing, there are only five single family homes for sale.
which is the equivalent of just a few month's inventory.
These homes have prices more aligned with this past year and so looking forward, the number of sales may continue to climb, but at a potentially reduced median price.
Rancho Palos Verdes homes in other areas tend to be showing a more favorable pricing trend.
It will be noteworthy to see how this limited supply of single family homes impacts future pricing.
Looking at home sales over the past five years highlights an interesting trend with building here, or more accurately, the lack of building.
There have only been four homes sold here since the beginning of 2005 that were built after 2000.
Two were built in 2002 and the others in 2005.