Palos Verdes Homes Prices Up Again First Half 2015
Palos Verdes real estate prices were good for the first half of 2015 showing increases again in average sales price and price per square foot! There was also an increase in the number of Palos Verdes homes sold. 348 single family Palos Verdes homes sold in the first half of 2015 compared to 285 homes in the first half of 2014 – a 22.1% increase. 2015 first half average sales price for Palos Verdes homes was $1,702,699 compared to $1,614,647 in the first half of 2014 – an increase of 5.5%. Average price per square foot for Palos Verdes homes sold in the first half of 2015 was $596 compared to $546 for the same time period in 2014 – an increase of 9.2%. Median sales price in the first half of 2015 was unchanged.
The mix of Palos Verdes homes sales for the first half of 2015 showed more sales in the mid range and less sales under $1,000,000. In first half of 2015, only 58 Palos Verdes homes sold under $1,000,000 which was 16.6% of sales (compared to 64 homes – 22.5% – in first half of 2014). In the first half of 2015, 221 Palos Verdes homes sold between $1,000,000 and $2,000,000 which was 63.5% of sales (compared to 169 homes – 59.3% – in first half of 2014). In first half of 2015, 62 Palos Verdes homes sold between $2,000,000 and $5,000,000 which was 17.8% of sales (compared to 47 homes – 16.5% – first half 2014). Finally, in the first half of 2015, 7 Palos Verdes homes sold over $5,000,000 which was 2% of sales (compared to 5 homes – 1.7% – first half 2014).
The total valuation for all single family Palos Verdes homes sold the first six months of 2015 increased to $594,947,102 from $460,174,647 compared to the first six months of 2014. In the first half of 2015, the highest priced home sold for $15,550,000 in Palos Verdes Estates and the lowest price home sold for $585,000 in Rancho Palos Verdes. Next week, I will discuss Palos Verdes homes sales for first half 2015 for the individual Palos Verdes neighborhoods.
To read my article on Palos Verdes homes sales first half 2014, click here.
Photo of Ocean Estates Trail courtesy of Arvin Design
