Palos Verdes Homes Sales 1st Half 2022
Palos Verdes real estate prices increased for the first half of 2022 with increases in average sales price and price per square foot and a decrease in the number of homes sold. 2022 first half average sales price for single family Palos Verdes homes increased compared to the first half of 2021 – $2,771,870 compared to $2,409,067. Average price per square foot for Palos Verdes homes sold in the first half of 2022 was $955 compared to $801 for the same time period in 2021 – an increase of 19.3%. The number of Palos Verdes homes sold in the first half of 2022 was lower than the first half of 2021 (357 compared to 413).
The mix of Palos Verdes homes sales for the first half of 2022 showed no sales under $1,000.000 compared to the first half of 2021. In first half of 2022, only 1 Palos Verdes homes sold at $1,000,000 which was 0% of sales (compared to 8 homes – 2% – in first half of 2021) that sold under $1,000,000. In the first half of 2022, 125 Palos Verdes homes sold between $1,000,000 and $2,000,000 which was 35% of sales (compared to 210 homes – 51% – in first half of 2021). In first half of 2022, 209 Palos Verdes homes sold between $2,000,000 and $5,000,000 which was 58.5% of sales (compared to 172 homes – 42% – first half 2021). Finally, in the first half of 2022, 23 Palos Verdes homes sold for $5,000,000+ which was 6.5% of sales (compared to 20 homes – 5% – first half 2021).
The total valuation for all single family Palos Verdes homes sold the first six months of 2022 increased from 2021 – $986,948,957 compared to $985,940,812 with 56 fewer homes sold in the first half of 2022. In the first half of 2022, the highest priced home sold for $17,150,000 in the Lunada Bay neighborhood of Palos Verdes Estates (first half of 2021, there was a $16,680,000 sale) and the lowest price home sold for $1,000,000 in Rancho Palos Verdes. Next week, I will discuss Palos Verdes homes sales for first half 2022 for the individual Palos Verdes neighborhoods. To read my article on Palos Verdes homes sales first half 2021, click here.
Photo of Point Vicente Lighthouse in Palos Verdes courtesy of Arvin Design
