As of May 31, there were 68 single-family Palisades residences listed in the Multiple Listing Service (M.L.S.), which is 12 percent lower than this time last year. So far this year 117 Palisades homes have sold, and there are now 57 homes in escrow in the Palisades.
The average sale price per square foot has increased by 12 percent as compared with the same period in 2013, and is now at $882 per square foot. Median sale prices are currently $2,575,000, compared to $2,237,500 a year ago.
Contributing to this 12 percent increase is the fact that a year ago, there were a higher number of smaller homes and investor purchases being made, whereas this year there have been more larger and recently-built homes being purchased.
The lowest-priced available home is a 1-bedroom, 1-bath on Puerto Del Mar at $1,195,000. The highest-priced property is 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 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 7-bedroom, 8-bath on San Remo in the Riviera, which sold for over $14 million.
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 $469,000 to a 3-bedroom, 3-bath penthouse on Sunset Blvd for $1,500,000. Seven condos are currently in escrow.
There have been 29 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 $862,000, which is up 15 percent from this time last year.
There are currently 14 pieces of raw land available, ranging from a 3,684 square-foot lot on Posetano being offered at $225,000 to $14,900,000 for approximately 2 acres on Corona Del Mar, which has been on the market for 49 months.
There is only one pending land sale and only one lot that has sold so far this year.
There are currently 46 available leases in the Palisades. They range from a 1-bedroom, 1-bath unit on Marquez Avenue asking $2,900 per month to a 6-bedroom, 8-bath home on Via La Costa asking $45,000 per month.
There have been 91 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. The lowest was $2,200 per month for a 2-bedroom, 2-bath on Sunset.
The median 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.
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