By MICHAEL EDLEN | Special to the Palisadian-Post
As of March 31, only 60 single-family Palisades residences were listed in the Multiple Listing Service. The current level of inventory is 20 percent lower than last year’s March 31 available inventory.
A total of 44 homes were sold in Pacific Palisades in the first quarter of 2018, which is a 23 percent decrease from 2017. Median sale prices ($3.423 million) were up 18 percent from 2017’s first quarter. The median list price is currently $4.05 million, which is a 1 percent increase over the same period last year.
There are currently 27 escrows open in the Palisades, which is a 25 percent drop from the end of the first quarter last year.
The lowest-priced residence available is a four-bedroom, three-bath home on Avenida De Cortez, which is being offered at $1.949 million. The highest-priced available property is a seven-bedroom, 13-bathroom on San Remo, which continues to be listed at $38 million.
The most affordable areas so far in 2018 are the lower Marquez neighborhoods, as well as Sunset Mesa. The Riviera had the highest median average sales price. The Riviera and upper Bienveneda/Marquez areas currently have the largest number of homes for sale in the Palisades.
The lowest sale price for the first quarter of 2018 was on Oceanhill Way ($2.025 million) in Sunset Mesa. The highest sale ($19.5 million) so far this year was on Amalfi Drive in The Riviera.
There are six condominiums/townhouses on the market, which is 33 percent fewer than what was available at the end of the first quarter in 2017. They range from a one-bedroom, one-bath on Sunset, offered at $669,000, to a two-bedroom, three-bath on Michael Lane for $1.499 million.
Fourteen 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 one-bedroom, three-bath on Sunset, which sold for $1.83 million. The median sales price for condos at the end of the first quarter was $1,15 million, which is up 18 percent over 2017 first quarter median sales prices.
There are currently nine pieces of raw land available, ranging from $175,000 for a 3,700-square-foot lot on Posetano to $17 million for a 27,000-square-foot lot on Corona Del Mar. There have been three land sales this year, including a large sloped lot on Bienveneda, which sold for $1.1 million.
There are currently 48 leases in the Palisades, starting at $3,495 per month for a one-bedroom, one-bath on Sunset, and asking as high as $50,000 per month for a three-bedroom, five-bath house on Posetano.
There were 56 Palisades leases done in the first quarter of 2018 (the exact same number as last year), ranging from a one-bedroom, one-bath on Tramonto, which leased for $2,995 per month, to a five-bedroom, five-bath ocean-view home on Surfview, which leased for $33,000 per month.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 32 years.