Palos Verdes Homes Prices Up First Half 2018
Palos Verdes real estate prices increased for the first half of 2018 with increases in average price per square foot and average sales price. The number of Palos Verdes homes sold in the first half of 2018 was lower than the first half of 2017 (340 compared to 350). 2018 first half average sales price for Palos Verdes homes increased compared to the first half of 2017 – $1,858,726 compared to $1,771,421. Average price per square foot for Palos Verdes homes sold in the first half of 2018 was $656 compared to $634 for the same time period in 2017 – an increase of 3.5%. Median sales price in the first half of 2018 increased 9.5%.
The mix of Palos Verdes homes sales for the first half of 2018 showed less sales in the $2,000,000 to $5,000,000 range, less sales under $1,000,000, and more sales over $5,000,000. In first half of 2018, only 28 Palos Verdes homes sold under $1,000,000 which was 8.2% of sales (compared to 38 homes – 10.8% – in first half of 2017). In the first half of 2018, 224 Palos Verdes homes sold between $1,000,000 and $2,000,000 which was 65.9% of sales (compared to 224 homes – 64% – in first half of 2017). In first half of 2018, 80 Palos Verdes homes sold between $2,000,000 and $5,000,000 which was 23.5% of sales (compared to 85 homes – 24.3% – first half 2017). Finally, in the first half of 2018, 8 Palos Verdes homes sold for $5,000,000+ which was 2.4% of sales (compared to 3 homes – .9% – first half 2017).
The total valuation for all single family Palos Verdes homes sold the first six months of 2018 increased from 2017 – $633,334,455 compared to $608,704,971. In the first half of 2018, the highest priced home sold for $9,250,000 in Palos Verdes Estates and the lowest price home sold for $700,000 in Rancho Palos Verdes. Next week, I will discuss Palos Verdes homes sales for first half 2018 for the individual Palos Verdes neighborhoods. To read my article on Palos Verdes homes sales first half 2017, click here.
Photo of Palos Verdes Gatehouse courtesy of Arvin Design
