There are more than a dozen sub-areas on the Palos Verdes peninsula and a handful of towns and cities. The Palos Verdes Drive North area straddles Rolling Hills Estates and the town of Palos Verdes Peninsula. The number of single family homes sold here last year increased by close to 30 percent from 2008. However, with a total of 43 home sales, the area remains well below the peak year of 2000 for total sales. Though this recent increase in sales is certainly good news, the median sales price continued its slide last year as home values dropped an additional 15 percent. Interestingly there were no homes sold here for over $2,000,000 last year. In 2008, even though there were fewer overall sales, there were five homes sold above this threshold.
The number of sales looks to continue its climb. There have already been six closings this past month and there are 11 homes in escrow. Of the homes still in escrow, four started the process last year. The median price of the closed sales exceeds the 2009 number, but there are far too few data points to draw any real conclusions from this.
In the last few years, there has only been one sale of a newly built home. In fact, less than five percent of all homes sold here since the beginning of 2005 were built after 2000. This is part of the reason that the home values have not risen here as rapidly as nearby cities over the past decade, but they have done very well, nonetheless. Back in 2000, the median sales price was $720,000 and last year it was over $1,120,000, which just happens to be the lowest value it has had since 2003. Current pricing here, like many areas in the South Bay, appears to be consistent with late 2004 prices.