In my article last week, I discussed the overall sales numbers for single family Palos Verdes homes sold in the first half of 2023 with the number of homes sold (262 in 2023 from 357 in 2022), a decrease in the average sales price (7.3%), and a decrease in the average price per square foot (6.7%). Higher interest rates have slowed down both the number of buyers in the market and the number of active listings for sale as more owners decided to stay in their existing homes the first half of 2023. 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 City of Rolling Hills posted the largest gain in average sales price for Palos Verdes homes – $5,584,444 for the first half of 2023 compared to $3,952,588 in the first half of 2022 for a 41% gain, followed by Malaga Cove ($136,861 gain or 3.9%) and Palos Verdes Drive South ($41,771 gain or 1.7%). All other neighborhoods showed a reduction in average sales price the first half of 2023.
Three Palos Verdes neighborhoods posted gains in average square foot price in the first half of 2023. The City of Rolling Hills posted the largest gain in average square foot price for Palos Verdes homes sold – 8.3% increase to $1,226. Mira Catalina increased to $876 in 2023 from $863 for the first half of 2022, and Palos Verdes Drive East increased to $790 in 2023 from $779 the first half of 2022.
Lunada Bay/Margate posted the largest number of Palos Verdes homes sold in the first half of 2023 – 32 Palos Verdes houses. Crest posted the biggest gain in home sales – 15 homes in the first half of 2023 compared to 12 homes in 2022. West Palos Verdes also had an increase in the number of Palos Verdes homes sold the first half of 2023 (10 vs 8 in 2022). Monte Malaga had exactly the same both years.
First half of 2023 information on average price for Palos Verdes homes sold as well as total valuation of Palos Verdes real estate and highest/lowest home sales can be obtained by clicking here or going to my prior post, “Palos Verdes Homes Sales 1st Half 2023.”
Chart courtesy of RE/MAX Estate Properties