By MICHAEL EDLEN | Special to the Palisadian-Post
As of Dec. 31, 2017, only 54 single-family Palisades residences were listed in the Multiple Listing Service. The current level of inventory is slightly lower than last year’s Dec. 31 available inventory.
A total of 258 homes were sold in Pacific Palisades in 2017, which is exactly the same as last year. Median sale prices were up by 13 percent over 2016. The median list price is at $4,487,500, which is up by 9 percent from the same period last year.
There are currently 14 escrows open in the Palisades, which is approximately a 63 percent decrease from last year at this time.
The lowest-priced residence available is a three-bedroom, three-bath home on Las Pulgas Road, which is being offered at $1,974,500. The highest-priced available property is a seven-bedroom, 13-bathroom on San Remo Drive, listed at $38 million (approx. $2,400 per square foot).
The most affordable area in 2017 was Sunset Mesa, with a median average sales price of $2.2 million. The Riviera had the highest median average sales price ($8.2 million). The Highlands and El Medio Bluffs areas currently have the largest number of homes for sale in the Palisades.
The lowest sale price for 2017 was on Las Casas ($1.35 million). The highest home sale in 2017 was the former Reagan Estate on San Onofre in The Riviera, which sold for $22 million.
There are eight condominiums/townhouses on the market, which is up 33 percent over last year’s available inventory. They range from a one-bedroom, one-bath on Sunset, being offered at $669,000, to an under-construction, four-bedroom, four-bath unit on Tramonto for $5,185,000.
Seventy-four condominiums were sold in the Palisades in 2017, ranging from a one-bedroom, one-bath on Sunset, which sold for $540,000, to a three-bedroom, three-bath on Palisades Drive, which sold for $1.65 million.
The median sales price for condos at the end of 2017 was $1.13 million, which is a 26 percent increase from the end of 2016.
There are currently seven pieces of raw land available, ranging from $175,000 for a 3,700-square-foot lot on Posetano to $1.5 million for a 16,000-square-foot sloped lot on Sunset east of The Village.
Only two land sales took place in 2017, ranging from a 3,800-square-foot lot on Castellammare, which sold for $330,000, to a 12,500-square-foot lot on Maroney Lane, which sold for over asking at $2.68 million.
There are currently 61 leases in the Palisades, starting at $2,950 per month for a one-bedroom, one-bath condo on Sunset, and asking as high as $50,000 per month for a seven-bedroom, 10-bath house on Toyopa in The Huntington.
There were 237 Palisades leases done in 2017, ranging from a one-bedroom, one-bath on Sunset, which leased for $2,850 per month, to a five-bedroom, seven-bath home on San Remo in The Riviera, which leased for $85,000 per month.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 32 years.