Palos Verdes real estate remained strong in 2016 with increases in average sales price, median price, and price per square foot!   Median sales price in 2016 increased 4.2%.  2016 average sales price for Palos Verdes homes was $1,693,483 compared to $1,673,238 in 2015 – an increase of 1.2%.  Average price per square foot for Palos Verdes homes sold in 2016 was $611 compared to $594 in 2015 – an increase of 3.0%.  There were 26 less single family Palos Verdes homes sold in 2016 – 690 single family Palos Verdes homes sold in 2016 compared to 716 homes in 2015 – a 3.6% decrease.

The mix of Palos Verdes homes sales for 2016 showed less sales under $1,000,000 and nearly the same in the $1,000,000 to $2,000,000 range.  In 2016, 109 Palos Verdes homes sold for under $1,000,000 (compared to 123 homes in 2015).  In 2016, 440 Palos Verdes homes sold between $1,000,000 and $2,000,000 (compared to 441 homes in 2015).  In 2016, 127 Palos Verdes homes sold between $2,000,000 and $5,000,000 (compared to 133 homes in 2015).  Finally, in 2016, 14 Palos Verdes homes sold over $5,000,000 (compared to 19 homes in 2015).  The most expensive home sold in 2016 for $11,950,000 compared to $15,500,000 in 2015.

Next week, I will discuss 2016 sales by neighborhood for all of the Palos Verdes Peninsula.

To read my article on Palos Verdes homes sales in 2015, click here.

Photo of Palos Verdes coastline courtesy of Arvin Design