Is Palos Verdes Peninsula, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palos Verdes Peninsula is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, Palos Verdes Peninsula has remained a Seller's Market.

Key Takeaway

Palos Verdes Peninsula is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Palos Verdes Peninsula, CA

How much do homes in Palos Verdes Peninsula, CA cost?

Median Sold Price

$2,400,000

$931/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$100,000(-4.0%)

Key Takeaway

Homes in Palos Verdes Peninsula have sold for 4% less than they did a year ago.

Summary: The median home sold price in Palos Verdes Peninsula was $2,400,000 in February 2024, down 4% from last year, and the median price per square foot was $931.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $486.2K$500K
+2.8%
2 $1.0M$997.5K
-8.1%
3 $1.8M$1.9M
0.4%
4 $2.8M$2.6M
-7.9%
5+ $4.2M$4.3M
+4.3%

Summary: Palos Verdes Peninsula housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.8%, 2 bedroom homes decreased by 8.1%, 3 bedroom homes increased by 0.4%, 4 bedroom homes decreased by 7.9%, and 5+ bedroom homes increased by 4.3%.

Median Sold Price Compared To Nearby Cities

Rancho Palos Verdes
-1.9%
Palos Verdes Peninsula
-4.0%
Rolling Hills Estates
-8.3%
Palos Verdes Estates
-11.6%

Housing Supply in Palos Verdes Peninsula, CA

How many homes are available in Palos Verdes Peninsula, CA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
10098-2.0%

Summary: The Palos Verdes Peninsula real estate market had 98 homes for sale in February 2024, a 2.0% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 21
-50.0%
2 910
+11.1%
3 2725
-7.4%
4 3029
-3.3%
5+ 3233
+3.1%

Summary: The Palos Verdes Peninsula housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 11.1%, 3 bedroom homes decreased by 7.4%, 4 bedroom homes decreased by 3.3%, and 5+ bedroom homes increased by 3.1%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
2320-13.0%

Asking Price vs. Sold Price

15 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palos Verdes Peninsula, you may be able to get a good deal. 75% of homes here sold below asking price last month.

Summary: A total of 20 homes were sold or pending in Palos Verdes Peninsula in February 2024, down by 13.0% month-over-month. Of the 20 sold homes, 75% were sold under asking, 25% were sold at asking, and 0% were sold over asking.

Days on Market for Palos Verdes Peninsula, CA

How long does it take to sell a home in Palos Verdes Peninsula, CA?

Average Sale Time

Feb 2023Feb 2024CHANGE
72 Days62 Days-14.3%

Summary: Homes in Palos Verdes Peninsula had an average of 62 days on market in Feb 2024, down by 14.3% compared to last year.

Breakdown of Home Sale Times

8 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

8 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Palos Verdes Peninsula are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 20 homes were sold in Palos Verdes Peninsula; 40% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 40% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 28 Days Ago

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