In my January 19, 2023, article, I discussed the overall sales numbers for single family Palos Verdes homes sold in 2023 with an increase in the average sales price (1.4%) and a slight decrease in average price per square foot (0.4%). The number of homes sold decreased (17.5%). 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.
The City of Rolling Hills posted the largest gain in average sales price – $4,988,478 for 2023 compared to $4,087,837 in 2022; West Palos Verdes was second with an average sales price of $3,449,167 in 2023 compared to $2,854,024 in 2022. Palos Verdes Drive South, Malaga Cove, and Mira Catalina neighborhoods showed significant gains in average sales price for 2023 and the other neighborhoods posted decreases (except Peninsula Center with a $22,131 gain). Lunada Bay/Margate posted largest decrease in average sales price – $2,986,477 for 2023 compared to $3,414,161 in 2022.
All Palos Verdes neighborhoods posted decreases in average square foot price in 2023 except West Palos Verdes, Mira Catalina, Malaga Cove, Rolling Hills, and Palos Verdes Drive East posted increases. West Palos Verdes posted the largest gain in average square foot price for Palos Verdes homes sold – an 8% increase – $971 in 2023 from $899 in 2022. Palos Verdes Drive East had the smallest increase in square foot price (1.4%) from $767 in 2022 to $777 in 2023. Palos Verdes Drive South posted the largest decrease (16.8%) in 2023 square foot price $979 from $1,056 in 2022. Homes in the City of Rolling Hills sold for the highest price per square foot – $1,139.
Lunada Bay/Margate posted the largest number of Palos Verdes homes sold in 2023 – 59 Palos Verdes houses (61 homes in 2022). Most other Palos Verdes neighborhoods had fewer home sales in 2023 except The City of Rolling Hills (23 homes in 2023/18 homes in 2022) and Crest (27 homes in 2023/25 homes in 2022). Palos Verdes Drive North had the largest decrease in number of homes sold in 2023 – 45 homes sold compared to 69 homes sold in 2022. Palos Verdes Drive East and Silver Spur posted the next largest loss in number of home sales – Palos Verdes Drive East had 51 homes sales in 2023 compared to 70 in 2022 and Silver Spur had 28 homes sold in 2023 compared to 47 homes sold in 2022. In 2023, there was a lack of inventory and higher interest rates 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 2023 was $1,333,154,829. The highest priced single family Palos Verdes home sold for $12,500,000 in the Monte Malaga neighborhood and the lowest priced Palos Verdes homes sold for $585,000 in the Palos Verdes Drive South neighborhood. 2023 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 A Bit In 2023!”
Above chart courtesy of RE/MAX Estate Properties
