As of October 31, there were 83 single-family Palisades residences listed in the Multiple Listing Service (M.L.S.), which is 8 percent higher than this time last year. So far this year, 282 Palisades homes have sold, and there are now 38 homes in escrow in the Palisades.
Median sale prices are currently $2,231,250, compared to $1,935,375 a year ago. The average sale price per square foot has increased by 13 percent as compared with the same period in 2012, and is now at $808 per square foot.
With less than a three-month level of inventory at the current rate of sales, we can expect upward pressure on prices for at least another few months, even if at a steadily decreasing rate.
The lowest-priced available home is a 3-bedroom, 3-bath on Avenida de Santa Ynez at $1,460,000. The highest-priced property is a stunning 5-bedroom, 7.5-bath on over half an acre on Chautauqua, asking $19.8 million.
The lowest sale price so far this year was a 2-bedroom, 1-bath on Sunset, which sold for $785,000. The highest sale so far this year was an 8-bedroom, 13-bath on San Remo in the Riviera, which sold for $17.5 million.
There are 12 condominiums/townhouses on the market. They range from a 1-bedroom, 1-bath in the Edgewater Towers on Sunset offered at $395,000, to a 3-bedroom, 3.5-bath condo in the newly completed Rockwell Development at Sunset and PCH for $2,795,000. Thirteen condos are currently in escrow.
There have been 65 condo sales so far this year, ranging from $331,000 for a 1-bedroom, 1-bath on Sunset, to $2,695,000 for a 3-bedroom, 3-bath on Sunset in the new Rockwell building. The median condo sales price is $865,000, which is 36 percent higher than this time last year.
There are currently 16 pieces of raw land available. They range from a 4,800 square-foot lot on Revello being offered at $94,900, to approximately 2 acres on Corona Del Mar, which is being offered at $14.9 million and has been on the market for more than 2.5 years. There are two lots pending sale. Seven have sold so far this year.
There are currently 40 available leases in the Palisades. They range from a 2-bedroom, 1-bath unit on Las Casas asking $2,495 per month, to a 7-bedroom, 9-bath home on Rivas Canyon asking $65,000 per month.
So far this year, there have been 202 leases. The highest lease this year was a 6-bedroom, 8-bath home on Via La Costa located in the Highlands’ Enclave for $62,500 per month. The lowest was $1,400 per month for a 1-bedroom, 1-bath on Pacific Coast Highway. The median lease was $5,900 per month.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 27 years.
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