In my January 13, 2022, article, I discussed the overall sales numbers for single family Palos Verdes homes sold in 2022 with increases in the average sales price (6.6%), median sales price (11.2%) and average price per square foot (12.1%). The number of homes sold decreased (22.5%). Inventory of Palos Verdes homes for sale was low again last year. 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.
Monte Malaga neighborhood posted the largest gain in average sales price – $4,466,710 for 2022 compared to $3,560,199 in 2021; Lunada Bay/Margate was second with an average sales price of $3,414,161 in 2022 compared to $2,770,494 in 2021. All other Palos Verdes neighborhoods showed significant gains in average sales price for 2022 except the City of Rolling Hills, Palos Verdes Drive South, and West Palos Verdes which posted decreases. The City of Rolling Hills posted largest decrease in average sales price – $4,379,266 for 2022 compared to $5,072,081 in 2021.
All Palos Verdes neighborhoods posted gains in average square foot price in 2022 except The city of Rolling Hills which decreased by $1. Palos Verdes Drive South posted the largest gain in average square foot price for Palos Verdes homes sold – a 33% increase – $1,056 in 2022 from $794 in 2021. Mira Catalina had the smallest increase in square foot price (0.5%) from $812 in 2021 to $816 in 2022. Homes in Malaga Cove sold for the highest price per square foot – $1,216.
Palos Verdes Drive East posted the largest number of Palos Verdes homes sold in 2022 – 70 Palos Verdes houses (69 homes in 2021). All other Palos Verdes neighborhoods had fewer home sales in 2022. The city of Rolling Hills had the largest decrease in number of homes sold in 2022 – 19 homes sold compared to 48 homes sold in 2021. Lunada Bay/Margate, Valmonte, and Palos Verdes Drive North posted the next largest loss in number of home sales – Lunada Bay had 61 homes sales in 2022 compared to 84 in 2021, Valmonte had 41 home sales in 2022 compared to 62 in 2021, and Palos Verdes Drive North had 69 homes sold in 2022 compared to 90 homes sold in 2021. In 2022, there was a lack of inventory as owners held on to their homes and did not put them on the market.
The total valuation of single family Palos Verdes homes sold in 2022 was $1,619,726,294. The highest priced single family Palos Verdes home sold for $17,150,000 in the Lunada Bay/Margate neighborhood and the lowest priced Palos Verdes homes sold for $1,150,000 (Palos Verdes Drive East) and $775,000 (Eastview). 2022 information on the sales price mix for Palos Verdes homes sold can be obtained by clicking here or going to my prior post, “Palos Verdes Home Prices Up Again In 2022!”
Above chart courtesy of RE/MAX Estate Properties