In my article last week, I discussed the overall sales numbers for single family Palos Verdes homes sold in the first half of 2024 with the number of homes sold (256 in 2024 from 264 in 2023), an increase in the average sales price (6.3%), and an increase in the average price per square foot (4.7%). 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 2024. 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 Palos Verdes Drive North neighborhood posted the largest gain in average sales price ($552,418) for Palos Verdes homes – $2,842,381 for the first half of 2024 compared to $2,289,963 in the first half of 2023 for a 24% gain, followed by Lunada Bay/Margate ($456,893 gain or 15%) and Malaga Cove ($269,527 gain or 7.4%). Monte Malaga, Valmonte, Rolling Hills, Palos Verdes Drive East, La Cresta, Los Verdes, Silver Spur and Eastview/RPV also had gains in average sales price the first half of 2024.
Twelve Palos Verdes neighborhoods posted gains in average square foot price in the first half of 2024. Los Verdes posted the largest gain in average square foot price for Palos Verdes homes sold – 12.3% increase to $1,005 from $895 in the first half of 2023. Monte Malaga increased to $1,014 in 2024 from $910 for the first half of 2023, and Peninsula Center increased to $885 in 2024 from $798 the first half of 2023.
Lunada Bay/Margate posted the largest number of Palos Verdes homes sold in the first half of 2024 – 27 Palos Verdes houses. Malaga Cove posted the biggest gain in home sales – 17 homes in the first half of 2024 compared to 9 homes in 2023. Valmonte, Peninsula Center, Silver Spur, Monte Malaga, Palos Verdes Drive South, Country Club, La Cresta, and Mira Catalina also had an increase in the number of Palos Verdes homes sold the first half of 2024. Crest had exactly the same both years.
First half of 2024 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 2024.”
Chart courtesy of RE/MAX Estate Properties
