Palos Verdes real estate prices decreased for the first half of 2023 with decreases also in average sales price, price per square foot, and a decrease in the number of homes sold. 2023 first half average sales price for single family Palos Verdes homes decreased 7.3% compared to the first half of 2022 – $2,550,918 compared to $2,751,944. Average price per square foot for Palos Verdes homes sold in the first half of 2023 was $891 compared to $955 for the same time period in 2022 – a decrease of 6.7%. The number of Palos Verdes homes sold in the first half of 2023 was 26.6% lower than the first half of 2022 (262 compared to 357).
The mix of Palos Verdes homes sales for the first half of 2023 showed 2 sales under $1,000,000 which was .007% of sales (compared to none in the first half of 2022). In the first half of 2023, 112 Palos Verdes homes sold between $1,000,000 and $2,000,000 which was 43% of sales (compared to 125 homes – 35% – in first half of 2022). In first half of 2023, 134 Palos Verdes homes sold between $2,000,000 and $5,000,000 which was 51% of sales (compared to 209 homes – 58.5% – first half 2022). Finally, in the first half of 2023, 14 Palos Verdes homes sold for $5,000,000+ which was 5.3% of sales (compared to 23 homes – 6.5% – first half 2022).
The total valuation for all single family Palos Verdes homes sold the first six months of 2023 decreased from 2022 – $666,674,517 compared to $986,948,957 with 95 fewer homes sold in the first half of 2023. In the first half of 2023, the highest priced home sold for $12,480,000 in the City of Rolling Hills (first half of 2022, there was a $17,150,000 sale) and the lowest price home sold for $900,000 in Rancho Palos Verdes. Next week, I will discuss Palos Verdes homes sales for first half 2023 for the individual Palos Verdes neighborhoods. To read my article on Palos Verdes homes sales first half 2022, click here.
Photo of Palos Verdes mustard fields overlooking a Palos Verdes cove courtesy of Arvin Design
