In my January 11, 2018, article, I discussed the overall sales numbers for single family Palos Verdes homes sold in 2017 with an increase in the median sales price (4.3%), price per square foot (4.3%), average sales price (3.6%), and a decrease in the number of homes sold (1.2%). Inventory of Palos Verdes homes for sale was low again last year and multiple offers were common as buyers sought to purchase Palos Verdes homes. Below is information on specific Palos Verdes neighborhoods. The chart above can be enlarged by clicking on it or go to the “Statistics” tab above.
Mira Catalina posted the largest gain in average sales price – $1,898,030 for 2017 compared to $1,309,130 in 2016; Monte Malaga was second with an average sales price of $2,868,976 in 2017 compared to $2,383,167 in 2016. The Lunada Bay, Palos Verdes Drive East, Los Verdes, and Palos Verdes Drive South neighborhoods also showed significant gains in average sales price for 2017. The Valmonte, Palos Verdes Drive North, La Cresta, Peninsula Center, and Eastview neighborhoods also showed gains in average sales price. Malaga Cove posted the largest decrease in average sales price – $2,175,300 for 2017 compared to $3,336,789 in 2016.
All but 4 neighborhoods posted gains in average square foot price in 2017. Mira Catalina and Peninsula Center posted the largest gains in average square foot price for Palos Verdes homes sold – a 45.6% increase 12.0% respectively. Mira Catalina increased to $780 in 2017 from $536 in 2016 and Peninsula Center increased to $597 in 2017 compared to $533 in 2016. Malaga Cove had the largest decrease in square foot price (23.4%) from $958 in 2016 to $735 in 2017. Homes in the City of Rolling Hills sold for the highest price per square foot – $801.
Lunada Bay posted the largest number of Palos Verdes homes sold in 2017 – 71 Palos Verdes houses (73 homes in 2016). Monte Malaga posted the biggest gain in home sales – 42 in 2017 compared to 27 in 2016. Valmonte (52 homes sold in 2017 from 39 homes sold in 2016) and Palos Verde Drive East (63 homes sold in 2017 from 54 in 2016) also had significant gains in Palos Verdes homes sales. Mira Catalina, Country Club, Peninsula Center, and Silver Spur also had gains in number of home sales. All other Palos Verdes neighborhoods had a decrease in number of homes sold in 2017 except for Los Verdes which was the same.
The total valuation of single family Palos Verdes homes sold in 2017 was $1,209,928,529. The highest priced single family Palos Verdes home sold for $13,840,000 in Lunada Bay (Palos Verdes Estates) and the lowest priced Palos Verdes home sold for $615,000 (Rancho Palos Verdes) and was located in Eastview RPV. 2017 information on the sales price mix for Palos Verdes homes sold can be obtained by clicking here or going to my prior post, “Palos Verdes Homes Sales Strong In 2017!”
Originally posted to Elaine Carlson's real estate blog PalosVerdesSource.com.
Above chart courtesy of RE/MAX Estate Properties
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