It looks like housing and real estate are predicted to be some of the most important factors in Austin's 2012 Economy. 
Overall Austin and Texas as a whole, are doing very well economically, but this is the first year in some time that housing is expected to be at the forefront. Low interest rates, low inventory in many areas and price points and many new incoming residents mean that our market is very active.
Angelos Angelou with Angelou Economics last year predicted that Austin would see major growth, particularly in the leisure, hospitality, health care and semiconductor industries. Angelou has been a respected Austin economist for 27 years. His forecast for jobs was 18,500. Yesterday the Texas Workforce Commission released numbers that showed that not only was Angelou right, the growth was actually greater, with 20,100 jobs being created in the Austin area.
Now, in 2012, Angelou is predicting top growth in our area will come from housing, real estate, clean tech and video games, among others.
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I feel the same way here, in Rancho Palos Verdes and South Bay. Inventory finally has started to move and even "old" and "overpriced" listings have showings and get offers. I sure hope it's not only a seasonal spike. Real estate market in Palos Verdes Peninsula traditionally has been more stable then in the rest of LA. However couple of last years have been quite depressing to see how such popular and high demand area as South Bay melting its home values like an icecream.
I'm glad to hear it's going well for you there too. I have friends that live there and we used to live in Redondo Beach and then Orange County, so very familiar. PV is a beautiful spot!