Market Update
Palos Verdes Peninsula
2022
year
end
2022 was another amazing year in the Real Estate market on the Palos Verdes Peninsula. We saw record sales
prices, multiple offers on a significant number of sold properties and another strong year of strong sales with
low inventory. While this has created a positive environment for sellers, it has been more difficult for buyers
with rising interest rates and lack of inventory. Homeowners have participated in a 10-year run in market value
appreciation. Some of the most recent data indicates we may be entering into a softening of our market.
• Mortgage application volume was down 13% over the past 2-3 weeks, lowest levels since 1996
• Demand for refinancing is down 16.3% within the past 2 weeks
• 30-year fixed interest rates have gone from 3.3% at the end of 2021 to 6.58% today
• Inflation has become a daily marketplace dialogue
• Homeowners have experienced a 10 year run in market value appreciation
When you combine the above facts, our real estate market has set the stage for a possible
correction. The lack of inventory is one of the few key factors keeping values from
significantly correcting. If you are planning on selling your home in 2023, I encourage
you to consider your timetable sooner than later. Scan the QR code to view a video where
we go more in depth on the current market conditions. And of course, feel free to reach
out with any questions or to discuss the market further.
Steve & Ceci Watts
310.874.8775 • www.WattsRealEstate.com
Single Family Home Statistics
For All of Palos Verdes Peninsula
YEAR HOMES
SOLD
LOWEST
SALE PRICE
HIGHEST
SALE PRICE
AVERAGE
SALE PRICE
AVERAGE
DOM
2012 638 $200,000 $7,000,000 $1,349,211 90
2013 710 $225,000 $8,750,000 $1,429,872 71
2014 647 $350,000 $13,500,000 $1,655,922 71
2015 712 $305,000 $15,550,000 $1,717,285 71
2016 697 $610,000 $11,950,000 $1,693,280 68
2017 692 $615,000 $13,840,000 $1,744,363 46
2018 645 $700,000 $22,400,000 $1,842,398 47
2019 657 $680,000 $15,500,000 $1,820,017 54
2020 702 $730,000 $10,500,000 $2,024,603 44
2021 867 $745,000 $16,680,000 $2,471,477 25
2022 617 $775,000 $17,150,000 $2,618,017 26
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