Sales for Palos Verdes real estate single family homes in the first 26 days of January have decreased compared to sales to date for this time last month (37).  20 Palos Verdes houses have been reported as sold to date since January 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 January to date is $1,596,809 which is up from last month’s average of $1,462,000.

In January 2012 to date, the highest priced Palos Verdes home sold for $7,000,000 in the city of Rolling Hills; it was a fantastic, gated equestrian estate with a 1o,000 square foot home with 5 bedrooms and 7 baths with unobstructed, panoramic ocean, coastline and city views, a home theater with 120″ screen with stadium seating (& it’s own kitchen), elevator, work-out room, a separate guest house, pool/spa, and barn, all on a 4.4 acre landscaped lot.  The lowest priced Palos Verdes home sold to date in January for $655,000 and is located in the Palos Verdes Drive North neighborhood of Rolling Hills Estates; this home has 1,472 square feet, 3 bedrooms and 2 baths on a 18,950 square foot lot and was a short sale.

We currently have 195 active single family Palos Verdes homes for sale priced between $759,000 in Rancho Palos Verdes and $10,500,000 also in Palos Verdes Estates (the low in Eastview is $497,000).  To view Palos Verdes real estate statistics from October 2010 through December  2011, click here or on the “Statistics” tab above.

In a prior article, “How Did 2011 Palos Verdes Homes Sales Compare?”, I gave preliminary statistics for the entire Palos Verdes Peninsula.  Now we will look at those final numbers as well as the individual neighborhoods.  The chart above can be enlarged by clicking on it or go to the “Statistics” tab above and scroll to bottom.

561 single family Palos Verdes homes sold in 2011 compared to 530 homes sold in 2010 – a 6% increase.  Average sales price for single family Palos Verdes houses sold in 2011 increased slightly from 2010 – $1,358,845 in 2011 compared to $1,350,120 in 2010 – a .6% increase.  Average square foot price for Palos Verdes houses sold in 2011 was $476 compared to $488 in 2010 – a 2.4% decrease.  Some areas of the country do not use square foot prices as they are not always a reliable number as smaller homes sell for more per square foot, there is not additional valuation for extra land and the house may actually be larger/smaller than the square footage shown.

The city of Rolling Hills posted the largest gain in average sales price – $3,112,778 for 2011 compared to $2,036, 336 in 2010.  The Monte Malaga, Malaga Cove, Palos Verdes Drive North, Palos Verdes Drive East, Mira Catalina and Palos Verdes Drive South neighborhoods also showed small gains in average sales price.   The Silver Spur neighborhood posted the largest decrease in average sales price – $837,146 for 2011 compared to $956,856 in 2010.

Mira Catalina posted the largest gain in average square foot price for Palos Verdes homes sold – a 12% increase from $401 in 2011 compared to $448 in 2010.  Rolling Hills, Palos Verdes Drive South, and Peninsula Center also showed gains in square footage price.  Silver Spur showed the largest decrease in square foot price (12.2%) from $493 in 2011 compared to $433 in 2010.

Lunada Bay/Margate posted the largest number of Palos Verdes homes sold in 2011 – 70 houses (62 houses in 2010).  Palos Verdes Drive East posted the biggest gain in home sales – 58 in 2011 compared to 36 in 2010.  Malaga Cove, Palos Verdes Drive South, West Palos Verdes, Country Club, Silver Spur and Eastview RPV also had an increase in number of homes sold in 2011 compared to 2010.

2011 information on median price for Palos Verdes homes sold as well as total valuation of Palos Verdes real estate and highest/lowest home sales can be obtained by clicking here or going to my prior post, “How Did 2011 Palos Verdes Homes Sales Compare?”.

George Fotion’s (Call Realty) 1444 Paseo Del Mar, Palos Verdes Estates 90274 (above left) is a 5 bedroom, 4 bath, 4,652 square foot home for $3,100,000.  This gorgeous remodeled lower Lunada Bay home is just steps from the ocean bluff and features a workout room, a pool and a lighted sports court.  Joanne Stasio’s (Prudential California Realty) 3133 Via La Selva, Palos Verdes Estates 90274 (above right) is a 3 bedroom, 4 bath, 2,884 square foot home for $1,635,000.  This custom-built Spanish-style Valmonte home features a private courtyard entry, a gourmet cook’s kitchen, and a wood trellis covered patio w/built-in BBQ area, fire pit, plus a putting green.

Carol Hobaugh’s (RE/MAX Execs) 6550 Verde Ridge Road, Rancho Palos Verdes 90275 (above left) is a 5 bedroom, 4 bath, 3,255 square foot home for $1,100,000.  This beautifully upgraded Los Verdes home features a remodeled gourmet kitchen, and family room and a bonus room, and gated access to Hesse Park from the backyard.  Richard Vickers’ (Prudential California Realty) 1200 Via Gabriel, Palos Verdes Estates 90274 (above right) is a 4 bedroom, 3 bath, 2,039 square foot home for $1,195,000.  This Monte Malaga home was nearly 100% rebuilt foundation to ceiling in 2007 and features cathedral ceilings, Brazilian cherry wood floors and secondary radiant floor heat in all bathrooms!

Photos courtesy of CRMLS

As part of selling Palos Verdes real estate, I keep updated on area statistics, Palos Verdes homes for sale, new software, etc.  Today, I attended a class which showed us new features of our Multiple Listing Service which included searching for specific data in several different categories.  I looked at distressed properties sales in Palos Verdes to see how it compared to Los Angeles County, the State of California and nationally as reported in a recent LA Times article (click here to view article).  As you can see from the chart above, only .5 – 1% of Palos Verdes homes are in foreclosure.

71 Palos Verdes homes (all categories, including condominiums and townhouses) are in Pre Foreclosure which means a Notice of Default has been filed.  11 of those homes are currently listed for sale and 3 more are in escrow with pending sales.  107 Palos Verdes homes (all categories) are scheduled for Auction which means a Notice of Trustee sale has been filed.  10 of those homes are currently listed for sale and 7 more are in escrow with pending sales.  44 Palos Verdes homes (all categories) are REO properties which means Real Estate Owned (the bank has already foreclosed).  7 of these homes are currently listed for sale and 4 more are in escrow with pending sales.  The middle chart indicates the number of Palos Verdes houses in foreclosure and shows there are 50-100 in zip code 90274 and 100-150 in zip code 90275.

We are very fortunate that the number of Palos Verdes real estate foreclosures is less than both Los Angeles County and the State of California.  That lower rate of foreclosures is one of the reasons our real estate market more stable.

Charts courtesy of CRMLS – Realist Tax

December 2011 statistics for Palos Verdes real estate show a slowdown from November but on track compared to December 2010.  Both pending sales and the number of Palos Verdes homes sold in December 2011 was  less than the prior month.  47 Palos Verdes houses sold/closed escrow in December compared to 50 single family homes sold in November.  December 2011 sales (47) are almost exactly the same as December 2010 (48).  41 Palos Verdes houses had pending sales in December compared to 50 homes in November.  Inventory of active Palos Verdes homes for sale was 172, continuing the seasonal reduction in inventory (216 in October).  It is interesting to note that in December 2010 there were 236 active Palos Verdes homes for sale – this year less choices for buyers and the lowest inventory in recent memory.

In December 2011, average sales price for Palos Verdes homes sold was $1,462,000 compared to $1,116,000 for November.  10 Palos Verdes houses that sold in December were $2,000,000 or higher.  Price per square foot for Palos Verdes houses that sold/closed escrow in December was $449 which increased from $439 in November.  Average days on market in December increased to 97 days from 79 days in November for properties sold that month.  Months of inventory (months it would take to sell existing inventory at the current rate of sale) fell to 3.7 months for December compared to 4.3 months in November putting Palos Verdes real estate below the “normal market” range (a good thing) which is 6 months.   Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 185 single family Palos Verdes homes for sale.  78 Palos Verdes houses are in escrow (35 homes have pending sales and 43 homes are accepting backup offers).  Additionally, 7 homes have sold/closed escrow in the first 11 days of January at an average sales price of $1,179,429.

Chart courtesy of Trendgraphix, Inc.

Preliminary results for 2011 Palos Verdes real estate sales indicate an increase in number of Palos Verdes homes sold – 565 single family homes in 2011 compared to 529 homes sold in 2010.  Average sales price for single family Palos Verdes houses sold in 2011 increased slightly from 2010 – $1,358,207 in 2011 compared to $1,347,615 in 2010.  Let’s take a closer look at the sales mix.

In 2011, 236 Palos Verdes homes sold for $1,000,000 or less and in 2010 there were 183 single family homes that sold in that price range – a 29% increase in 2011.  In 2011, 77 Palos Verdes homes sold in the $2,000,000 plus range and in 2010 there were 76 homes sold – virtually the same.  In the $1,000,000 to $2,000,000 price range, 255 Palos Verdes houses sold in 2011 versus 270 homes in 2010 – a 5.5% decrease in 2011.  With the higher number of sales under $1,000,000, you would think the average sales price would be lower in 2011 but it is just slightly higher.  However the median price for Palos Verdes homes in 2011 was $1,076,000 which was down form $$1,150,000 in 2010.  The median price is arrived at by discarding the highest then lowest priced home sale multiple times until only one price remains.

The total valuation for all single family Palos Verdes homes sold in 2011 was $767,387,046 versus $712,888,599 in 2010.  In 2011, the highest priced Palos Verdes home sold for $9,150,000 in Palos Verdes Estates; the lowest priced home sold for $550,000 in Rancho Palos Verdes ($407,500 in Eastview).  Data is courtesy of California Regional Multiple Listing Service and will be finalized in another few days.  I will be writing another post when the numbers are finalized which will include data for individual neighborhoods.

Sales for Palos Verdes real estate single family homes in the first 15 days of December have increased compared to sales to date for this time last month (20).  25 Palos Verdes houses have been reported as sold to date since December 1, 2011.  (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 December to date is $1,587,074 which is up from last months average of $1,117,325.

In December 2011 to date, the highest priced Palos Verdes home sold for $6,300,000 in the city of Rancho Palos Verdes in Lunada Ponte; it was a spectacular designer estate with a 1o,000 square foot home with 7 bedrooms and 9 baths with panoramic ocean/Catalina/whitewater views, a home theater, library, his and hers offices, game room, gym, a separate guest house, pool/spa, all on a lot over an acre.  The lowest priced Palos Verdes home sold to date in December for $407,500 and is located in the Eastview area of Rancho Palos Verdes; this home has 853 square feet, 2 bedrooms and 1 bath on a 6,490 square foot lot.

We currently have 189 active single family Palos Verdes homes for sale priced between $680,000 in Rancho Palos Verdes and $14,900,000 also in Rancho Palos Verdes (the low in Eastview is $539,900).  To view Palos Verdes real estate statistics from September 2010 through November 2011, click here or on the “Statistics” tab above.

November 2011 statistics for Palos Verdes real estate look pretty good.  There is an increase in both the number of sales and pending sales for Palos Verdes homes sold in November.  50 Palos Verdes houses sold/closed escrow in November compared to 38 single family homes sold in October.  Look at how November 2011 sales compare to November 2010 sales which had only 19 sales making sales this November’s sales huge!  54 Palos Verdes houses had pending sales in November compared to 51 homes in October.  Inventory of active Palos Verdes homes for sale was 216, continuing the seasonal reduction in inventory (242 in October).  It is interesting to note that in November 2010 there were 281 active Palos Verdes homes for sale – this year less choices for buyers.

In November 2011, price per square foot for Palos Verdes houses that sold/closed escrow was $439 which decreased from $471 in October.  Average sales price for Palos Verdes homes sold in November was $1,116,000 compared to $1,294,000 for October.  27 of the 50 Palos Verdes houses that sold in November were under $1,000,000.  Average days on market in November decreased to 79 days from 103 days in October for properties sold that month.  Months of inventory (months it would take to sell existing inventory at the current rate of sale) fell to 4.3 months for November compared to 6.4 months in October putting Palos Verdes real estate below the “normal market” range (a good thing) which is 6 months.   Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 193 single family Palos Verdes homes for sale.  96 Palos Verdes houses are in escrow (47 homes have pending sales and 49 homes are accepting backup offers).  Additionally, 12 homes have sold/closed escrow in the first 8 days of December at an average sales price of $1,983,950 thanks to a sale at $6,300,000 and at $4,150,000.  That average sales price is not sustainable as the average list price of pending and backup sales is $1,433,247.

Chart courtesy of Trendgraphix, Inc.

This seems to be a popular question from both Palos Verdes homes buyers and sellers.  According to data supplied by the Multiple Listing service, the first three quarters of 2011 show 428 single family Palos Verdes homes sold versus 417 for the same period in 2010 or an increase of 6.5%. Average sales price for the first three quarters of 2011 was $1,378,184 versus $1,342,356 in 2010 or an increase of 2.7%.

Average price per square foot for single family Palos Verdes houses that sold in 2011 was $483 versus $488 in 2010 or a decrease of 1.1%.  These statistics indicate that our Palos Verdes real estate market appears to be holding steady.  We have six plus weeks to go before the end of 2011.  I am hoping we finish the year with these increased sales.

Currently, there are 230 single family Palos Verdes homes for sale.   100 Palos Verdes houses are in escrow (44 pending and 54 accepting backup offers).  Additionally 25 homes have sold/closed escrow in the fist 17 days of November.  Click here or on the “Statistics” tab above to see a larger version of the chart above showing statistics for individual Palos Verdes real estate neighborhoods.

Chart courtesy of RE/MAX Palos Verdes Realty

October 2011 statistics for Palos Verdes real estate show a decrease in the number of sales and an increase in pending sales for  Palos Verdes homes sold in October.  38 Palos Verdes houses sold/closed escrow in October compared to 44 single family homes sold in September.  59 Palos Verdes houses had pending sales in October compared to 45 homes in September.  October buyers may be taking advantage of the very low interest rates.  Inventory of active Palos Verdes homes for sale was 242, continuing the seasonal reduction in inventory (268 in September).  It is interesting to note that in October 2010 there were 317 active Palos Verdes homes for sale – this year less choices for buyers.

In October 2011, price per square foot for Palos Verdes houses that sold/closed escrow was $471 which was almost the same as $472 for September.  However, average sales price for Palos Verdes homes sold in October was $1,294,000 compared to $1,396,000 for September.  Average days on market in October increased to 103 days (yikes!) from 86 days in September for properties sold that month.  Months of inventory (months it would take to sell existing inventory at the current rate of sale) was 6.4 months for October compared to 6.1 months in September.  We are just above the “normal market” range which is 6 months. Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 230 single family Palos Verdes homes for sale.  100 Palos Verdes houses are in escrow (45 homes have pending sales and 55 homes are accepting backup offers).  Additionally, 15 homes have sold/closed escrow in the first 10 days of November which is significantly higher than this time last month when only 8 Palos Verdes homes had sold.

Chart courtesy of Trendgraphix, Inc.