By MICHAEL EDLEN | Special to the Palisadian-Post
As of December 31, 2019, only 66 single-family Palisades residences were listed in the Multiple Listing Service. The current level of inventory (66) is 4% lower than last year’s December 31 available inventory (69).
A total of 210 homes were sold in the Palisades in 2019, which is 7% lower than last year. Median sale prices were down by 8% over 2018. The median list price is at $5,547,000, which is up by 14% from the same period last year.
There are currently 16 escrows open in the Palisades, which is approximately a 33% increase from last year at this time.
The lowest-priced residence available is a four-bedroom, four-bath home on Mount Holyoke in the area south of the Village, which is a bank-owned property listed at $1,674,900. The highest-priced available property is an eight-bedroom, 13-bathroom on Rivas Canyon Road listed at $19.95 million.
The most affordable areas in 2019 continued to be Sunset Mesa and The Highlands. The Riviera and Huntington Palisades had the highest median average sales prices ($7.8 and $7.4 million, respectively), and both areas were up from 2018.
The Highlands and Upper El Medio/Bienveneda and south of the Village areas currently have the largest number of homes for sale in the Palisades.
The lowest sale price for 2019 was on Sunset ($1,415,000). The highest home sale in 2019 was a new construction on Ravoli, which sold for $21 million.
There are 22 condominiums/townhouses on the market (six of which are not-yet-completed new units), which is up 16% over last year’s available inventory. They range from a one-bedroom, one-bath on Sunset being offered at $650,000 to a three-bedroom, four-bath on Palisades Drive being offered at $1,795,000.
Seventy-five condominiums were sold in the Palisades in 2019, ranging from a one-bedroom, two-bath on Sunset, which sold for $615,000, to a two-bedroom, three-bath on Ocean Avenue, which sold for $5,465,000. The median sales price for condos at the end of 2019 was $1,125,000, which is a 7% decrease from the end of 2018.
There are currently four pieces of raw land available, ranging from $975,000 for 22,000 square feet on PCH to $3.15 million for just over two acres on El Bosque Court in The Highlands. Three land sales took place in 2019, ranging from a 30,000-square-foot, land-locked lot on Enchanted Way, which sold for $80,750, to a 8,000-square-foot hillside lot on Sunset, which sold for $1 million.
There are currently 61 leases in the Palisades, starting at $3,550 per month for a one-bedroom, one-bathroom condo on Sunset and asking as high as $85,000 per month for a seven-bedroom, 10-bath house on Amalfi Drive in The Riviera.
There were 254 Palisades leases (8% fewer than in 2018) done in 2019, ranging from a studio apartment/guesthouse on Glenhaven, which leased for $1,800 per month, to a six-bedroom, eight-bath home on La Cumbre in The Huntington, which leased over asking for $100,000 per month.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 34 years.