By MICHAEL EDLEN | Special to the Palisadian Post
As of Sept. 30, 95 single-family Palisades residences were listed in the Multiple Listing Service. This inventory level is 38 percent higher than last year’s Sept. 30 available inventory. A total of 165 homes were sold in the Palisades through the third quarter of 2018, which is 24 percent lower than this time last year. Median sale prices were up 5 percent over 2017’s third quarter, and the price per square foot was 6 percent higher. The median list price is currently $4,822,500, which is 8 percent higher than last year.
The third quarter Palisades sales this year were the lowest we have had in 10 years for third quarters, and the number of months of inventory is now back at the 5.5-month level it was at in 2011. These are all indicators of a market adjustment in process.
The lowest-priced residence available is a two-bedroom, three-bath home on Sunset, which is being offered at $1.5 million. The highest-priced available property is a eight-bedroom, 12-bathroom on Ravoli listed at $26.75 million.
The most affordable areas so far in 2018 are the Marquez/Bienveneda neighborhoods, as well as the Highlands. The Riviera had the highest median average sales price. The Riviera and Upper Marquez areas currently have the largest number of homes for sale in the Palisades (12 and 19, respectively).
The lowest sale price for the third quarter of 2018 was on Las Pulgas Road ($1.4 million). The highest sale (nearly $34 million) so far this year was on San Remo in The Riviera.
There are 26 condominiums/townhouses on the market, which is about the same as what was available at the end of the third quarter in 2017. They range from a one-bedroom, one-bath on Sunset being offered at $699,000, to an unfinished three-bedroom, four-bath on Tramonto for over $6 million. Forty-eight condominiums were sold in the Palisades since the start of the year, ranging from a one-bedroom, one-bath on Sunset, which sold for $580,000, to a three-bedroom, three-bath on Palisades Drive, which sold for $1.895 million. The median sales price for condos at the end of the third quarter was $1,276,500, which is up 12 percent over 2017 third quarter median sales prices.
There are currently 61 available leases in the Palisades, starting at $3,950 per month for a two-bedroom, one-bath guesthouse on Muskingum, and asking as high as $47,500 per month for a five-bedroom, seven-bath house on Ravoli. There were 210 Palisades leases done through the third quarter of 2017 (up 12 percent over last year), ranging from a one-bedroom, one-bath guesthouse on Via De La Paz, which leased for $2,500 per month, to a six-bedroom, eight-bath home on La Cumbre, which leased for $57,500 per month.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 32 years.