Palos Verdes real estate was strong in 2018 with increases in average sales price, median sales price, and price per square foot!   Median sales price in 2018 increased 7.2%.  2018 average sales price for Palos Verdes homes was $1,838,339 compared to $1,744,363 in 2017 – an increase of 5.4%.  Average price per square foot for Palos Verdes homes sold in 2018 was $654 compared to $631 in 2018 – an increase of 3.6%.  There were 52 less single family Palos Verdes homes sold in 2018 – 640 single family Palos Verdes homes sold in 2018 compared to 692 homes in 2017 – there has been a lack of inventory of Palos Verdes homes for the past few years.

The mix of Palos Verdes homes sales for 2018 again showed less sales under $1,000,000.  In 2018, 58 Palos Verdes homes sold for under $1,000,000 (compared to 80 homes in 2017).  In 2018, 422 Palos Verdes homes sold between $1,000,000 and $2,000,000 (compared to 445 homes in 2017).  In 2018, 146 Palos Verdes homes sold between $2,000,000 and $5,000,000 (compared to 157 homes in 2017).  Finally, in 2018, 14 Palos Verdes homes sold for $5,000,000 or more (compared to 10 homes in 2017).  The most expensive home sold in 2018 for $22,400,000 compared to $13,840,000 in 2017.

Next week, I will discuss 2018 sales by neighborhood for all of the Palos Verdes Peninsula.

To read my article on Palos Verdes homes sales in 2017, click here.

Photo of Point Vicente courtesy of Arvin Design