Palos Verdes home sales in 2023 experienced up a bit in average sales price and slightly down in price per square foot; there were fewer homes that sold in 2023. Average price for Palos Verdes homes sold in 2023 was $2,655,306 compared to $2,617,863 in 2022 – an increase of 1.4%. 2023 average price per square foot for Palos Verdes homes was $926 compared to $930 in 2022 – a decrease of 0.4%. There were 108 less single family Palos Verdes homes sold in 2023 – 509 single family Palos Verdes homes sold in 2023 compared to 617 homes in 2022 – a decrease of 17.5%. In 2023 we continued to see more demand (buyers) than supply of homes for sale (sellers).
The mix of Palos Verdes homes sales for 2023 showed 5 sales under $1,000,000 compared to 2 homes in 2022. In 2023, 220 Palos Verdes homes sold between $1,000,000 and $2,000,000 (compared to 249 homes in 2022). In 2023, 247 Palos Verdes homes sold between $2,000,000 and $5,000,000 (compared to 331 homes in 2022). Finally, in 2023, 37 Palos Verdes homes sold for $5,000,000 or more (compared to 35 homes in 2022). The most expensive home sold in 2023 for $12,500,000 compared to $17,150,000 in 2022.
Next week, I will discuss 2023 sales by neighborhood for all of the Palos Verdes Peninsula.
To read my article on Palos Verdes homes sales in 2022 click here.
Photo of Point Vicente Lighthouse courtesy of Arvin Design
