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.
This page is available to subscribers. Click here to sign in or get access.