Market Update
Palos Verdes Peninsula
2023
year
end
The 2023 Real Estate Market on the Palos Verdes Peninsula has repeated itself with
another very very strong sellers market…History repeats itself! However it is critical to
remember, "What goes up must come down."
Here is what has changed in the past 12 months…INTEREST RATES. Yes, interest
rates have a significant impact on the real estate market and over the past 12 months
the 30 year fixed rate has increased by more than 3%. The 30 year fixed rate is pushing
close to 7% which creates hesitation into buyers decisions and in some cases makes
purchasing a home unaffordable.
Inventory continues to stay low which assits sellers just based upon the basic principle
of supply and demand, as demand continues to surpass supply. While we still see a
strong demand from buyers, sellers should be aware that when inventory increses and
buyers have more options prices will start a slow but steady downward decline. We have
seen an 11-year increase in home prices with peak prices in 2022, although they stayed
strong through 2023.
If you are considering selling your home in 2024 consider sooner than later. This is not
a season to play the market.
Watts 310.874.8775 • Engle 310.804.4026 • www.WattsRealEstate.com
Single Family Home Statistics for
for all of the Palos Verdes Peninsula
YEAR HOMES
SOLD
LOWEST
SALE PRICE
HIGHEST
SALE PRICE
AVERAGE
SALE PRICE
AVERAGE
DOM
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
2023 511 $585,000 $12,500,000 $2,608,914 36
DRE: 00966894, 01040493, 02071060, 02136845
