Palos Verdes Homes Prices Up First Half 2019
Palos Verdes real estate prices increased for the first half of 2019 with increases in average price per square foot and average sales price. The number of Palos Verdes homes sold in the first half of 2019 was lower than the first half of 2018 (295 compared to 350). 2019 first half average sales price for Palos Verdes homes increased compared to the first half of 2018 – $1,885,678 compared to $1,836,663. Average price per square foot for Palos Verdes homes sold in the first half of 2019 was $662 compared to $652 for the same time period in 2018 – an increase of 1.5%. Median average price per square foot in the first half of 2019 increased 1.8%.
The mix of Palos Verdes homes sales for the first half of 2019 showed less sales in the $1,000,000 to $2,000,000 range, less sales under $1,000,000, and less sales over $5,000,000 with 55 fewer homes sold in the first half of 2019. In first half of 2019, only 24 Palos Verdes homes sold under $1,000,000 which was 8.2% of sales (compared to 29 homes – 8.3% – in first half of 2018). In the first half of 2019, 183 Palos Verdes homes sold between $1,000,000 and $2,000,000 which was 62% of sales (compared to 230 homes – 65.7% – in first half of 2018). In first half of 2019, 82 Palos Verdes homes sold between $2,000,000 and $5,000,000 which was 27.8% of sales (compared to 83 homes – 223.7% – first half 2018). Finally, in the first half of 2019, 6 Palos Verdes homes sold for $5,000,000+ which was 2% of sales (compared to 8 homes – 2.3% – first half 2018).
The total valuation for all single family Palos Verdes homes sold the first six months of 2019 decreased from 2018 – $551,714,238 compared to $636,226,355 with 55 fewer homes sold in the first half of 2019. In the first half of 2019, the highest priced home sold for $15,500,000 in Rolling Hills and the lowest price home sold for $680,000 in Rancho Palos Verdes. Next week, I will discuss Palos Verdes homes sales for first half 2019 for the individual Palos Verdes neighborhoods. To read my article on Palos Verdes homes sales first half 2018, click here.
Photo of Palos Verdes Roessler Gazebo courtesy of Arvin Design
