Palos Verdes Homes Prices Up First Half 2017

Palos Verdes Homes Prices Up First Half 2017

Palos Verdes mustard fields courtesy of Arvin Design

Palos Verdes real estate prices increased for the first half of 2017 with increases in average price per square foot and average sales price.  The number of Palos Verdes homes sold in the first half of 2017 was nearly the same as the first half of 2016 (345 compared to 348).  2017 first half average sales price for Palos Verdes homes increased compared to the first half of 2016 – $1,763,233 compared to $1,698,066.  Average price per square foot for Palos Verdes homes sold in the first half of 2017 was $630 compared to $614 for the same time period in 2016 – an increase of 2.7%.  Median sales price in the first half of 2017 increased 6.6%.

The mix of Palos Verdes homes sales for the first half of 2017 showed more sales in the $2,000,000 to $5,000,000 range, less sales under $1,000,000, and less sales over $5,000,000.  In first half of 2017, only 37 Palos Verdes homes sold under $1,000,000 which was 10.7% of sales (compared to 52 homes – 15% – in first half of 2016).  In the first half of 2017, 220 Palos Verdes homes sold between $1,000,000 and $2,000,000 which was 63.8% of sales (compared to 225 homes – 64.6% – in first half of 2016).  In first half of 2017, 85 Palos Verdes homes sold between $2,000,000 and $5,000,000 which was 24.6% of sales (compared to 63 homes – 18.1% – first half 2016).  Finally, in the first half of 2017, 3 Palos Verdes homes sold over $5,000,000 which was .9% of sales (compared to 8 homes – 2.3% – first half 2016).

The total valuation for all single family Palos Verdes homes sold the first six months of 2017 increased from 2016 – $608,704,641 compared to $591,818,854.  In the first half of 2017, the highest priced home sold for $13,840,000 in Palos Verdes Estates and the lowest price home sold for $640,000 in Rancho Palos Verdes.  Next week, I will discuss Palos Verdes homes sales for first half 2017 for the individual Palos Verdes neighborhoods. To read my article on Palos Verdes homes sales first half 2016, click here.

Photo of Ocean Estates Trail courtesy of Arvin Design

 

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