This is an understatement for the real estate market and Palos Verdes real estate specifically. 2008 was not too bad for Palos Verdes homes with the average price for single family residences of $1,624,913 (which was a 7% decline from 2007). Number of Palos Verdes homes that sold in 2008 was 380 (versus 563 sales in 2007).
Preliminary sales numbers for 2009 indicate 422 single family homes sales in Palos Verdes to date for 2009 which is higher than last year; the average sales price to date is $1,281,868 which is reflective of the increased number of sales in the lower end of the Palos Verdes real estate market that sold (165 sales were under $1,000,000). Sales of Palos Verdes homes over $2,000,000 decreased to 10% of sales at 42 sales. Typically, in Palos Verdes the upper range sales are 20% of our market.
In 2009 to date, the highest priced Palos Verdes homes sold for $6,400,000 (in Monte Malaga) and the lowest priced Palos Verdes homes sold for $500,000 (in Eastview).
