Median Home Prices Compared to Prior Year Increase for Palos Verdes Peninsula

The following are excerpts from an article published in the South Bay Daily Breeze on March 23rd indicating that the median home prices for homes sold on the Palos Verdes Peninsula increased approx. 32% compared to a year ago:

“Home prices in the South Bay, excluding Carson and the Palos Verdes Peninsula, slipped 6 percent in February compared to a year ago, according to a report released Tuesday. The median price of a home in this area was $479,500 last month, a relatively modest drop that could reinforce the notion that the housing market is stabilizing after about three years of losses.

The median price is the middle figure where half of homes sold for more and half for less.

Tuesday’s report by the California Association of Realtors also said the Palos Verdes Peninsula saw a 31.9 percent annual increase in median price, to $990,000.However, such large price shifts on The Hill and along the coast could be the result of fluctuations in the type of homes sold last month in those areas. ”

If more larger and expensive homes were sold in one month , then the median price can move up significantly on a month to month basis. This is reflected in the following graph which shows the average price per sq. ft. paid for properties sold on the Palos Verdes Peninsula which has been relatively steady over the last year.

The next graph shows the average price of homes sold on the Palos Verdes Peninsula compared to the average list price of homes listed for sale. Note that many more less expensive homes are being sold compared to the higher priced homes above $2 million.