Palos Verdes Homes Sales 1st Half 2020 Affected By Covid-19

Palos Verdes Homes Sales 1st Half 2020 Affected By Covid-19

Palos Verdes real estate statistics for the first half of 2020 were affected by Covid-19 and the quarantine.  Average sales prices decreased for the first half of 2020 which was a surprise as there has been low inventory and multiple offers are common.  The number of Palos Verdes homes sold in the first half of 2020 was lower than the first half of 2019 (259 compared to 296).  2020 first half average sales price for Palos Verdes homes decreased compared to the first half of 2019 – $1,845,727 compared to $1,892,002.  Average price per square foot for Palos Verdes homes sold in the first half of 2020 was $633 compared to $664 for the same time period in 2019.

The mix of Palos Verdes homes sales for the first half of 2020 showed fewer sales in all categories (except over $5,000,000) with 37 fewer homes overall sold in the first half of 2020.  In first half of 2019, only 17 Palos Verdes homes sold under $1,000,000 which was 6.6% of sales (compared to 24 homes – 8.2% – in first half of 2019).  In the first half of 2019, 174 Palos Verdes homes sold between $1,000,000 and $2,000,000 which was 67.2% of sales (compared to 183 homes – 62% – in first half of 2019).  In first half of 2020, 62 Palos Verdes homes sold between $2,000,000 and $5,000,000 which was 23.9% of sales (compared to 82 homes – 27.8% – first half 2019).  Finally, in the first half of 2020, 6 Palos Verdes homes sold for $5,000,000+ which was 2.3% of sales (compared to 6 homes – 2% – first half 2019).

The total valuation for all single family Palos Verdes homes sold the first six months of 2020 decreased from 2019 – $483,884,714 compared to $551,714,238 with 37 fewer homes sold in the first half of 2020.  In the first half of 2020, the highest priced home sold for $6,700,000 in Rolling Hills (first half of 2019, there was a $15,500,000 sale) and the lowest price home sold for $730,000 in Rancho Palos Verdes.  Next week, I will discuss Palos Verdes homes sales for first half 2020 for the individual Palos Verdes neighborhoods. To read my article on Palos Verdes homes sales first half 2019, click here.

Photo of Point Vicente courtesy of Arvin Design

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