Palos Verdes Homes Sales First Half 2014
Sales of Palos Verdes homes for the first half of 2014 decreased 19% compared to the same period last year. 285 Palos Verdes homes sold in the first half of 2014 compared to 353 homes for the same period last year. Average sales price increased substantially to $1,614,647 in the first six months of this year compared to $1,391,629 for the first six months of last year – a 16% increase. Price per square foot increased to $549 for the first six months of this year compared to $506 for the same time period last year – an 8.5% increase. These are preliminary numbers as it can take another week for all sales to be reported but the numbers will not change dramatically.
Let’s look at the price mix of Palos Verdes homes sold the first half of this year. Only 64 homes sold under $1,000,000 which was 22.5% of sales (123 last year at 34.8% of sales), 169 homes sold between $1,000,000 and $2,000,000 which was 59.3% of sales (174 homes last year at 49.3% of sales ) and 52 homes sold over $2,000,000 which was 18.2% of sales (56 homes last year at 15.9% of sales). The first six months of this year had substantially less Palos Verdes homes sold in the under $1,000,000 range and similar sales in the $1,000,000-$2,000,000 and over $2,000,000 range.
The total valuation for all single family Palos Verdes homes sold the first six months of 2014 decreased to $460,174,451 from $492,114,951 compared to the first six months of 2013. In the first half of 2014, the highest priced home sold for $6,650,000 in Palos Verdes Estates, the lowest price home sold for $350,000 in Rancho Palos Verdes. Soon, we will look at sales in the individual Palos Verdes neighborhoods.
Photo courtesy of Arvin Design