Palos Verdes Homes 2016 Neighborhood Sales
In my January 19, 2017, article, I discussed the overall sales numbers for single family Palos Verdes homes sold in 2016 with an increase in the median sales price (4.2%), price per square foot (3.0%), average sales price (1.2%), and a decrease in the number of homes sold (3.6%). Inventory of Palos Verdes homes for sale was a little higher last year but 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.
West Palos Verdes posted the largest gain in average sales price – $2,752,542 for 2016 compared to $2,020,470 in 2015; Malaga Cove was second with an average sales price of $3,336,789 in 2016 compared to $2,821,850 in 2015. The Palos Verdes Drive North, Valmonte, Silver Spur, and Country Club neighborhoods also showed significant gains in average sales price for 2015. The Peninsula Center, Los Verdes, Crest, and Eastview neighborhoods also showed gains in average sales price. The La Cresta neighborhood was just about the same. The City of Rolling Hills posted the largest decrease in average sales price – $3,472,695 for 2016 compared to $3,715,287 in 2015.
All but 4 neighborhoods posted gains in average square foot price in 2016. Malaga Cove and Valmonte posted the largest gains in average square foot price for Palos Verdes homes sold – a 20.7% increase 12.4% respectively. Malaga Cove increased to $958 in 2016 from $794 in 2015 and Valmonte increased to $738 in 2016 compared to $656 in 2015. Palos Verdes Drive South had the largest decrease in square foot price (16.9%) from $656 in 2015 to $545 in 2016. Homes in Malaga Cove sold for the highest price per square foot – $958.
Lunada Bay posted the largest number of Palos Verdes homes sold in 2016 – 71 Palos Verdes houses (88 homes in 2015). Los Verdes posted the biggest gain in home sales – 52 in 2016 compared to 39 in 2015. All other Palos Verdes neighborhoods had a decrease in number of homes sold in 2016 except for Malaga Cove (28 homes in 2016 from 20 homes in 2015), Mira Catalina (28 homes in 2016 from 22 homes in 2015), Silver Spur had 3 additional homes sold in 2016, and Palos Verdes Drive South, West Palos Verdes & Crest each had 2 additional home sold in 2016.
The total valuation of single family Palos Verdes homes sold in 2016 was $1,183,337,149. The highest priced single family Palos Verdes home sold for $11,950,000 (Palos Verdes Estates) and the lowest priced Palos Verdes home sold for $610,000 (Rancho Palos Verdes) and was located in Eastview RPV. 2016 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 Values Remain Strong In 2016!”
Above chart courtesy of RE/MAX Estate Properties