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.
