Palos Verdes home sales in 2022 experienced a continued rise in average sales price and price per square foot; there were fewer homes that sold in 2022. Average price for Palos Verdes homes sold in 2022 was $2,634,485 compared to $2,470,647 in 2021 – an increase of 6.6%. 2022 average price per square foot for Palos Verdes homes was $931 compared to $831 in 2021 – an increase of 12.1%. There were 254 less single family Palos Verdes homes sold in 2022 – 614 single family Palos Verdes homes sold in 2022 compared to 868 homes in 2021 – a decrease of 29.3%. In 2022 we continued to see more demand (buyers) than supply of homes for sale (sellers).
The mix of Palos Verdes homes sales for 2022 showed only 2 sales under $1,000,000 compared to 9 homes in 2021. In 2022, 251 Palos Verdes homes sold between $1,000,000 and $2,000,000 (compared to 418 homes in 2021). In 2021, 333 Palos Verdes homes sold between $2,000,000 and $5,000,000 (compared to 393 homes in 2021). Finally, in 2022, 35 Palos Verdes homes sold for $5,000,000 or more (compared to 48 homes in 2021). The most expensive home sold in 2022 for $17,150,000 compared to $16,680,000 in 2021.
Next week, I will discuss 2022 sales by neighborhood for all of the Palos Verdes Peninsula.
To read my article on Palos Verdes homes sales in 2021 click here.
Photo of Gazebo at Roessler Point in Palos Verdes Estates courtesy of Arvin Design
