In 2012, Palos Verdes real estate turned the corner. Sales became stronger each month and the year end sales number for Palos Verdes homes show this. The chart above can be enlarged by clicking on it or go to the “Statistics” tab above.
638 single family Palos Verdes homes sold in 2012 compared to 565 homes sold in 2011 – a 13% increase. Average sales price for single family Palos Verdes houses sold in 2012 was nearly flat from 2011 – $1,349,255 in 2012 compared to $1,355,189 in 2011, Average square foot price for Palos Verdes houses sold in 2012 was $476 compared to $475 in 2011 – also nearly flat. Last year the number of buyers exceeded the number of sellers and inventory was very low creating multiple offer situations in many transactions.
The Lunada Bay area of Palos Verdes Estates posted the largest gain in average sales price – $1,889,486 for 2012 compared to $1,484,198 in 2011. The Country Club neighborhood also showed a significant gain in average sales price – $$1,623,400 for 2012 compared to $1,452,200 in 2011. The Malaga Cove, Valmonte, Palos Verdes Drive North, Crest and Silver neighborhoods also showed small gains in average sales price. The City of Rolling Hills posted the largest decrease in average sales price – $2,651,579 for 2012 compared to $3,112,778 in 2011.
Monte Malaga and Country Club both posted the largest gains in average square foot price for Palos Verdes homes sold – a 10.5% increase from 2011. Monte Malaga increased to $590 in 2012 from $534 in 2011 and Country Club increased to $460 in 2012 compared to $416 in 2011. Lunada Bay, Malaga Cove, Palos Verdes Drive North, Rolling Hills, Los Verdes, Silver Spur and Eastview also showed gains in square footage price. Palos Verdes Drive South showed the largest decrease in square foot price (11.7%) from $470 in 2011 to $415 in 2012.
Palos Verdes Drive North and Lunada Bay both posted the largest number of Palos Verdes homes sold in 2012 – 69 Palos Verdes houses. Palos Verdes Drive North posted the biggest gain in home sales – 69 in 2012 compared to 34 in 2011. Valmonte, Rolling Hills, Mira Catalina, Palos Verdes Drive South, La Cresta, Los Verdes, Crest, Peninsula Center and Silver Spur also had an increase in number of homes sold in 2012 compared to 2011.
The total valuation of Palos Verdes real estate for 2012 was $860,824,492. The highest priced single family Palos Verdes home sold for $7,000,000 (Rolling Hills) and the lowest priced Palos Verdes home sold for $200,000 (Rancho Palos Verdes) and was actually zoned for commercial use. 2012 information on the sales price mix for Palos Verdes homes sold can be obtained by clicking here or going to my prior post, “Palos Verdes Homes Sales Are Up!”
