Palos Verdes Homes 2020 Neighborhood Sales First Half
In my article last week, I discussed the overall sales numbers for single family Palos Verdes homes sold in the first half of 2020 with the number of homes sold (259 in 2020, from 296 in 2019), a decrease in the average sales price (2.4%), and a decrease in the average price per square foot (4.7%). There is still a high demand for Palos Verdes homes and, as inventory is low, multiple offers are common. Below is information on specific Palos Verdes neighborhoods. The chart above can be enlarged by clicking on it or go to the “Statistics” tab above.
The Palos Verdes Drive South area of Rancho Palos Verdes posted the largest gain in average sales price for Palos Verdes homes – $2,669,910 for the first half of 2020 compared to $1,642,692 in the first half of 2019 for a 62.5% gain, followed by Silver Spur (20.4%) and La Cresta (9.7%). Lunada Bay/Margate, Palos Verdes Drive North, Country Club, Los Verdes, Crest, Peninsula Center, and Eastview/RPV also showed gains in average sales price the first half of 2020. The City of Rolling Hills posted the largest decrease in average sales price – $3,196,362 in the first half of 2020 compared to $4,475,988 in 2018 (-28.6%).
Palos Verdes Drive South, Lunada Bay/Margate, La Cresta, West Palos Verdes, Peninsula Center, Country Club, Palos Verdes Drive North and Eastview/RPV posted gains in average square foot price in the first half of 2020. Palos Verdes Drive South and Lunada Bay/Margate & La Cresta posted the largest gains in average square foot price for Palos Verdes homes sold – a 9.8% and 7.6% increase respectively. Palos Verdes Drive South increased to $664 in 2020 from $605 the first half of 2019, Lunada Bay/Margate increased to $758 in 2020 from $704 the first half of 2019, and La Cresta increased to $598 in 2020 from $556 the first half of 2019. Average square footage price in the City of Rolling Hills posted the largest decrease (28.8%) – $727 in 2020 compared to $1,022 the first half of 2019.
Palos Verdes Drive North posted the largest number of Palos Verdes homes sold in the first half of 2020 – 31 Palos Verdes houses. The City of Rolling Hills posted the biggest gain in home sales – 14 homes in the first half of 2020 compared to 9 homes in 2019. Country Club, a Cresta, Los Verdes, and Eastview/RPV also had an increase in the number of Palos Verdes homes sold the first half of 2020.
Chart courtesy of RE/MAX Estate Properties
