Palos Verdes Homes Prices Stable First Half 2016
Palos Verdes real estate prices were stable for the first half of 2016 with increases in average price per square foot and median sales price. The number of Palos Verdes homes sold in the first half of 2016 was nearly the same as the first half of 2015 (348 compared to 349). 2016 first half average sales price for Palos Verdes homes was also nearly the same as first half of 2015 – $1,698,066 compared to $1,704,719 . Average price per square foot for Palos Verdes homes sold in the first half of 2016 was $614 compared to $597 for the same time period in 2015 – an increase of 2.7%. Median sales price in the first half of 2016 increased 4.4%.
The mix of Palos Verdes homes sales for the first half of 2016 showed more sales in the mid range and less sales under $1,000,000. In first half of 2016, only 52 Palos Verdes homes sold under $1,000,000 which was 15% of sales (compared to 58 homes – 16.6% – in first half of 2015). In the first half of 2016, 225 Palos Verdes homes sold between $1,000,000 and $2,000,000 which was 64.6% of sales (compared to 221 homes – 63.5% – in first half of 2015). In first half of 2016, 63 Palos Verdes homes sold between $2,000,000 and $5,000,000 which was 18.1% of sales (compared to 62 homes – 17.8% – first half 2015). Finally, in the first half of 2016, 8 Palos Verdes homes sold over $5,000,000 which was 2.3% of sales (compared to 7 homes – 2% – first half 2015).
The total valuation for all single family Palos Verdes homes sold the first six months of 2016 was nearly the same as 2015 – $591,818,854 compared to $594,947,102. In the first half of 2016, the highest priced home sold for $11,950,000 in Palos Verdes Estates and the lowest price home sold for $610,000 in Rancho Palos Verdes. Next week, I will discuss Palos Verdes homes sales for first half 2016 for the individual Palos Verdes neighborhoods.
To read my article on Palos Verdes homes sales first half 2015, click here.
Photo of Ocean Estates Trail courtesy of Arvin Design
