Palos Verdes Real Estate Neighborhood Statistics 2014 First Half
The first half of 2014 has been good for Palos Verdes real estate! Average Palos Verdes home prices were up an average 15.6%. Palos Verdes Drive South posted the largest gain in average sales price for Palos Verdes homes – $2,625,500 for the first half of 2014 compared to $1,422,860 in the first half of 2013 for a 84.5% gain, followed by Mira Catalina (79% increase in average sales price), the City of Rolling Hills (a 71.6% increase in average sales price) and the neighborhood of West Palos Verdes (a 52.6% increase in average sales price). Only two Palos Verdes neighborhoods posted a decrease in average sales price which could be attributed to a higher number of smaller Palos Verdes homes in those neighborhoods that sold in the first half of 2014. Valmonte posted an average sales price of $1,377,093 compared to $1,594,933 in the first half of 2013 and La Cresta posted an average sales price of $1,706,923 compared to $1,853,147 for the same time period last year.
Mira Catalina and Malaga Cove posted the largest gains in average square foot price for Palos Verdes homes sold – a 15.4% and 14.3% increase – $526 and $755 in the first half of 2014 compared to $459 and $660 in the first half of 2013. All other Palos Verdes neighborhoods posted increases in the average square foot price except for La Cresta and Peninsula Center which experienced a .4% and 2.5% decrease in square foot price from $480 and $473 in the first half of 2014 compared to $482 and $485 in the first half of 2013.
Nearly all Palos Verdes neighborhoods had fewer homes sold in the first half of 2014 compared to the first half of 2013 (Palos Verdes home sales were down 19.8% compared to the same time period last year) . Only three neighborhoods had and increase in the number of Palos Verdes homes sold – Malaga Cove had 13 sales compared to 9 homes sold in the first half of 2013, Valmonte had 17 sales compared to 15 homes sold in the first half of 2013 and Palos Verdes Drive North had 36 sales compared to 34 sales in the first half of 2013. Overall, the Palos Verdes Drive North neighborhood had the highest number of Palos Verdes homes sold followed by Lunada Bay with 35 sales. Next, we will look at individual Palos Verdes neighborhood sales.
First half of 2014 information on average price for Palos Verdes homes sold as well as total valuation of Palos Verdes real estate and highest/lowest home sales can be obtained by clicking here or going to my prior post, “Palos Verdes Home Sales First Half 2014.”
Chart courtesy of Remax Estate Properties