Palos Verdes Real Estate Blog

Sales for Palos Verdes real estate single family homes in the first 21 days of May are almost exactly the same as sales to date for this time last month (37).  36 Palos Verdes houses have been reported as sold to date since May 1, 2012.  (It may take an additional week for some sales to post after the actual close of escrow).  The average sales price for single family Palos Verdes homes from May 1st to date is $1,274,569 which is down from last month’s average of $1,410,388.

In May 2012 to date, the highest priced Palos Verdes home sold for $3,350,000 in the Country Club neighborhood of Rancho Palos Verdes; this incredible 5,551 square foot 5 bedroom, 7 bath home built in 2002 has 220 degree sweeping views that include all of Catalina, the Channel Islands, Malibu and the lights of Santa Monica, a spectacular chef’s kitchen, an office/library, and 3-car garage on a 16,026 square foot lot.  The lowest priced Palos Verdes home sold to date in May for $675,000 and is located in the Palos Verdes Drive East neighborhood of Rancho Palos Verdes; this home has 2,170 square feet, 5 bedrooms and 2 baths on a 23,471 square foot lot.

We currently have 187 active single family Palos Verdes homes for sale priced between $280,000 in Rancho Palos Verdes (a 663 square foot commercial office which now is on a residential zoned lot that is 1,312 square feet) and $12,950,000 in the city of Rolling Hills (the low in Eastview is $499,000).  To view Palos Verdes real estate statistics from February 2011 through April  2012, click here or on the “Statistics” tab above.

Photo above is Fisherman’s Cove and Point Vicente, Rancho Palos Verdes

2011 Palos Verdes homes sales for the Country Club neighborhood increased to 29 single family homes sold compared to 18 in 2010 – a 61% increase.  Price per square foot for Country Club homes that sold in 2011 was $418 compared to $466 in 2010.  Average sales price for Country Club homes sold in 2011 was $1,466,862 compared to $1,551,311.

Currently, there are 8 Palos Verdes condo/townhouses in this area for sale.  They range from $200,000 for a studio/1 bath, 431 square foot condo, to $475,000 for a 3 bedroom/2bath, 1,358 square foot condo.  There are 7 single family Palos Verdes homes for sale in this area.  They range from $1,399,000 for a 3 bedroom/3bath, 3,014 square foot single family residence, to $2,749,000 for a 4 bedroom/4 bath, 4,048 square foot single family residence.

For background and history on Country Club Multiple Listing Area 171, please click here to read my prior article on this neighborhood.

To view current Palos Verdes real estate statistics for the entire Peninsula, please click here or on the “Statistics” tab above.

Photo courtesy of Los Verdes Golf Course/American Golf

April 2012 Palos Verdes real estate statistics indicate an improved market in all categories.  We have experienced slight increases both in Palos Verdes homes sold and pending sales compared to March.  55 Palos Verdes houses sold in April compared to 51 homes in March.  April pending sales are just about the same as March – 70 homes compared to 69 in March.  The number of active Palos Verdes homes for sale in April was just about the same as in March, 178 compared to 180 homes.  We are well into the Spring selling season and have not seen any measurable increase in the number of Palos Verdes homes for sale.  We are still at historic lows for inventory of active Palos Verdes homes for sale which makes it more of a balanced market between buyers and sellers.  As you can see from the chart above, we have 38% less inventory in April 2012 compared to April 2011.  This indicates a high demand for homes in the Palos Verdes area.

Average sales price for Palos Verdes homes sold in April was $1,369,000 compared to $1,208,000 in March.  Price per square foot for Palos Verdes houses that sold/closed escrow in April increased to $486 from $439 in March.  Average days on market in April was 90 days which was less than the 111 days in March for properties sold that month.  Months of inventory (months it would take to sell existing inventory at the current rate of sale) fell to 3.2 months for April compared to 3.5 months in March.  A “normal” market is considered 6 months of inventory – so we are experiencing better than normal in this area.   Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 189 single family Palos Verdes homes for sale.  121 Palos Verdes houses are in escrow (54 homes have pending sales and 67 homes are accepting backup offers).  Additionally, 15 homes have sold/closed escrow in the first 10 days of March with the average sales price of $1,223,700.

Chart courtesy of Trendgraphix, Inc.

There were 26 homes on the May 8, 2012, Palos Verdes real estate Broker’s Tour.  We currently have 190 single family Palos Verdes homes for sale ranging in price from $280,000 in Rancho Palos Verdes 90275 (This is a 663 square foot commercial building on a 1312 square foot residential lot) to $12,950,000 in Rolling Hills 90274 (the low in Eastview is $529,000).  There are 44 Palos Verdes townhomes for sale priced between $259,000 and $2,695,000.  My favorite Palos Verdes homes today are:

Alice Kuroda’s (RE/MAX Palos Verdes Realty) 8 Albero Court, Rancho Palos Verdes 90275 (above left) is a 4 bedroom, 4 bath, 3,956 square foot home for $1,799,000.  This elegant Palos Verdes Drive South home features stunning panoramic ocean/Catalina views, a gourmet kitchen and a grand master suite.  Steven Watt’s (RE/MAX Palos Verdes Realty) 1344 Palos Verdes Drive West, Palos Verdes Estates 90274 (above right) is a 5 bedroom, 6 bath, 4,527 square foot home for $2,395,000.  This spectacular Spanish style Lunada Bay home was extensively remodeled in 2011 and can be 2 separate residences with its 2  full kitchens, 2 family rooms and 2 master suites.

Judy Henry’s (RE/MAX Palos Verdes Realty) 5726 Sunmist Drive, Rancho Palos Verdes 90275 (above left) is a 3 bedroom, 4 bath, 2,506 square foot home for $1,099,000. This beautiful Crest home features ocean views, a cook’s gourmet kitchen, and a huge outdoor kitchen and pool with slide.  Kirsten Fife’s (General Realty Group, Inc.) 27018 Shorewood Road, Rancho Palos Verdes 90275 (above right) is a 3 bedroom, 2 bath, 1,598 square foot home for $835,000.  This recently remodeled Silver Spur Craftsman home is an artistic retreat that features a fabulous kitchen, sun room and a back yard with koi pond/waterfall and hot tub.

Photos courtesy of CRMLS

2011 Palos Verdes homes sales for West Palos Verdes neighborhood increased to 22 single family homes sold compared to 12 in 2010 – an 83% increase.  Price per square foot for West Palos Verdes homes that sold in 2011 was $543 compared to $572 in 2010.  Average sales price for West Palos Verdes homes sold in 2011 was $2,391,000 compared to $2,436,667.

Currently there are 6 single family Palos Verdes homes for sale in this area.  They range from $1,899,000  for a 5 bedroom/4 bath, 3,498 square foot home to $5,999,000  for a 4 bedroom/7 bath, 7,800 square foot home.

For background and history on West Palos Verdes Multiple Listing Area 170, please click here to read my prior article on this neighborhood.

To view current Palos Verdes real estate statistics for the entire Peninsula, please click here or on the Statistics tab.

Photo of Oceanfront Estates Bluff Trail

2011 Palos Verdes homes sales for the Palos Verdes Drive South neighborhood of Rancho Palos Verdes increased to 32 single family homes sold in 2011 from 21 sold in 2010.  Price per square foot for Palos Verdes Drive South houses that sold in 2011 increased to $482 compared to $462 in 2010. Average sales price for Palos Verdes Drive South homes sold in 2011 was $1,401,766 compared to $1,329,190  – a 5% increase.

Currently as of 5/06/2012, Palos Verdes Drive South has 35 active Palos Verdes homes for sale.  They range from 17 condo/town homes priced from $489,000 for a 2 bedroom, 2 bath, 1,433 square foot unit, to $2,696,000 for a 3 bedroom, four bath, 2,808 square foot unit.  There are 19 single family homes ranging from $$825,000 for a  3 bedroom, 2 bath, 1,500 square foot home, to $10,000,000 for a six bedroom, 8 bath, 7,669 square foot home.

For background and history on Palos Verdes Drive South Multiple Listing Service #169, please click here to read my prior article on this neighborhood.

To view current Palos Verdes real estate statistics for the entire Peninsula click here or on the Statistics tab above.

Photo courtesy of Terranea Resort

2011 Palos Verdes home sales for the Mira Catalina neighborhood of Rancho Palos Verdes decreased to 18 single family homes sold in 2011 from 21 homes sold in 2010.  Price per square foot for Mira Catalina houses that sold in 2011 increased to $448 compared to $401 in 2010.  Average sales price for Mira Catalina homes sold in 2011 was $1,232,333 compared to $1,079,767 – a 14% increase.

Currently, as of 4/27/2012, Mira Catalina has only 4 active Palos Verdes homes for sale.  They range from $1,049,122 for a 3 bedroom, 2 bath, 2,162 square foot home to $4,090,000 for a 4 bedroom, 6 bath, 6,551 square foot home.

For background and history on Mira Catalina Multiple Listing Service Area #168, please click here to read my prior article on this neighborhood.

To view current Palos Verdes real estate statistics for the entire Peninsula, please click here on on the Statistics tab above.

Photo courtesy of Marymount College

Sales for Palos Verdes real estate single family homes in the first 23 days of April are almost exactly the same as sales to date for this time last month (39).  38 Palos Verdes houses have been reported as sold to date since April 1, 2012.  (It may take an additional week for some sales to post after the actual close of escrow).  The average sales price for single family Palos Verdes homes for April 1st to date is $1,410,388 which is up from last month’s average of $1,233,711.

In April 2012 to date, the highest priced Palos Verdes home sold for $4,050,000 in the Oceanfront neighborhood of Rancho Palos Verdes; it was a magnificent 6,431 square foot Mediterranean style home built in 2005 with 6 bedrooms and 7 baths with panoramic ocean views, an ultimate gourmet kitchen, an office, infinity pool & spa, and 4-car garage on a 24,853 square foot lot.  The lowest priced Palos Verdes home sold to date in April for $530,000 and is located in the Silver Spur neighborhood of Rancho Palos Verdes; this home has 1,395 square feet, 3 bedrooms and 2 baths on a 7,883 square foot lot.

We currently have 181 active single family Palos Verdes homes for sale priced between $280,000 in Rancho Palos Verdes (a 663 square foot commercial office which now is on a residential zoned lot that is 1,312 square feet) and $12,950,000 in the city of Rolling Hills (the low in Eastview is $529,000).  To view Palos Verdes real estate statistics from January 2011 through March  2012, click here or on the “Statistics” tab above.

Photo is of The Gazebo at Roessler Point in Palos Verdes Estates

March 2012 Palos Verdes real estate statistics show significant increases both in Palos Verdes homes sold and pending sales compared to February.  51 Palos Verdes houses sold in March compared to 38 homes in February.  There was a large increase in March pending sales – 76 homes compared to 54 in February.  The number of active Palos Verdes homes for sale in March was just about the same as in February, 180 compared to 179 homes.  We still have not seen an increase in the number of homes for sale as we go into the Spring selling season.  We are at historic lows for inventory of active Palos Verdes homes for sale which makes it more of a balanced market between buyers and sellers.  As you can see from the chart above, we have 36% less inventory in March 2012 compared to March 2011 and and 49% more pending sales March 2012 compared to March 2011 – definitely a tighter market for buyers.  It indicates a high demand for the Palos Verdes area.

Average sales price for Palos Verdes homes sold in March was $1,208,000 compared to $1,043,000 in February (25 out of the 38 homes sold in February were under $1,000,000 – that is 65.8%).  Price per square foot for Palos Verdes houses that sold/closed escrow in March was $439 which decreased slightly from $447 in February.  Average days on market in March was 111 days which was less than the 155 days in February for properties sold that month.  Months of inventory (months it would take to sell existing inventory at the current rate of sale) fell to 3.5 months for March compared to 4.7 months in February.  A “normal” market is considered 6 months of inventory – so we are experiencing better than normal in this area.   Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 172 single family Palos Verdes homes for sale.  126 Palos Verdes houses are in escrow (67 homes have pending sales and 59 homes are accepting backup offers).  Additionally, 16 homes have sold/closed escrow in the first 11 days of March with the average sales price of $1,313,016.

Chart courtesy of Trendgraphix, Inc.

Sales for Palos Verdes real estate single family homes in the first 22 days of March have increased compared to sales to date for this time last month (29).  34 Palos Verdes houses have been reported as sold to date since March 1, 2012.  (It may take an additional week for some sales to post after the actual close of escrow).  The average sales price for single family Palos Verdes homes for March to date is $1,301,294 which is up from last month’s average of $1,043,000.

In March 2012 to date, the highest priced Palos Verdes home sold for $3,750,000 in the Monte Malaga neighborhood of Palos Verdes Estates; it was a beautiful 5,783 square foot Mediterranean style home built in 2002 with 5 bedrooms and 6 baths with panoramic ocean views, a gourmet kitchen, library,  pool/spa, on a 18,049 square foot lot.  The lowest priced Palos Verdes home sold to date in March for $755,000 and is located in the Peninsula Center neighborhood of Rancho Palos Verdes; this home has 1,701 square feet, 4 bedrooms and 2 baths on a 7,051 square foot lot.

We currently have 175 active single family Palos Verdes homes for sale priced between $699,000 in Rancho Palos Verdes and $12,950,000 in the city of Rolling Hills (the low in Eastview is $595,000).  To view Palos Verdes real estate statistics from December 2010 through February  2012, click here or on the “Statistics” tab above.

Photo is fields of mustard blooming in Palos Verdes