Palos Verdes home sales for the first quarter of 2014 decreased 25.6% (number of homes sold) compared to the same period last year. 119 Palos Verdes homes sold in the first quarter of 2014 compared to 160 homes for the same period last year. Average sales price of Palos Verdes homes sold increased to $1,587,088 in the first three months of this year compared to $1,329,302 for the first three months of last year – a 19.4% increase. Price per square foot also increased to $551 for the first three months of this year compared to $485 for the same time period last year – an 13.7% increase.
There have been several recent articles about the real estate market in Los Angeles County. An April 12th LA Times article stated, “Another sign of strength, Mayer said is that price discounting has all but gone away in the Los Angeles market.” March Palos Verdes home sales indicate homes closed at 97% of the original list price (click here to see Palos Verdes real estate statistics). Palos Verdes home prices continue to be strong.
The total valuation for all single family Palos Verdes homes sold the first three months of 2014 decreased to $194,167,430 from $212,688,388 in the first three months of 2013. In the first quarter of 2014, the highest priced home sold for $6,080,000 in the Palos Verdes Drive West neighborhood in Rancho Palos Verdes, the lowest price home sold for $350,000 in the Palos Verdes Drive East neighborhood of Rancho Palos Verdes ($553,000 in Eastview).
Above Palos Verdes Home Sales Chart courtesy of Remax Estate Properties
