‘Seller’s Market’ Continues

By Michael Edlen | Special to the Palisadian-Post

As of Aug. 31, there were 69 single-family Palisades residences listed in the Multiple Listing Service (MLS), which is 11 percent higher in inventory than this time last year. So far this year 218 Palisades homes have sold, and there are now 41 homes in escrow in the Palisades. At the current rate of sales, there is less than a three-month level of inventory, which indicates a continuing “seller’s market.”

The average sale price per square foot has increased by 10 percent as compared to the same period in 2013 and is now at $891 per square foot. Median sale prices are currently $2,550,000 compared to $2,175,000 a year ago.

The lowest-priced available home is a 3-bedroom, 2-bath on Sunset Boulevard at $1,495,000. The highest-priced property continues to be a 3-bedroom, 2-bath on over 30 acres off Pacific Coast Highway. It has been on the market for nearly four years and is still asking $19 million.

The lowest sale price so far this year was a 2-bedroom, 1-bath on Sunset Blvd., which sold for $825,000. The highest sale so far this year was a 15,000 square-foot home on San Remo in the Riviera, which sold for over $22 million, but was not disclosed in the MLS.

There are 16 condominiums/townhouses on the market. They range from a 1-bedroom, 1-bath in the Edgewater Towers on Sunset Blvd. offered at $375,000 to a 2-bedroom, 2-bath ocean-view unit on Coastline for $1,250,000. Seven condos are currently in escrow.

There have been 51 condo sales so far this year, ranging from $349,000 for a 1-bedroom, 1-bath condo at the Edgewater Towers to $2,520,000 for a 3-bedroom, 4-bath unit in the Rockwell Building on Sunset. The median condo sales price is currently $865,000, which is up 4 percent from this time last year.

There are currently 48 available leases in the Palisades. They range from a 1-bedroom, 1-bath mobile home on Pacific Coast Highway asking $2,500 per month, to a 5-bedroom, 7-bath home on San Remo asking $48,500 per month.

There have been 152 leases so far this year. The highest lease so far this year was a 5-bedroom, 7-bath on Frontera Drive for $35,000 per month and the lowest was $2,200 per month for a 2-bedroom, 2-bath on Sunset Blvd. The median lease was $6,500 per month.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 28 years.