Prices Remain High as Sales, Leasing Inventory Remain Low

By MICHAEL EDLEN | Special to the Palisadian-Post

As of May 31, there were only 36 single-family Palisades residences listed in the Multiple Listing Service, which is 57% lower than at the start of June 2021.

So far this year 106 Palisades homes have sold, which is 33% lower than this time last year, and there are 25 homes in escrow, which is an increase of 9% over last year.

The median sale price ($4,475,000) is up by 23% over last year, and the average price per square foot ($1,628) is also up by 34% over this time last year.

The lowest-priced available home is a two-bedroom, one-bath on Haverford at $2.8 million. The highest-priced property is a seven-bedroom, 12-bath on Amalfi in the Riviera, asking $46.5 million.

The lowest sale price so far this year was a three-bedroom, two-bath on Sunset, which sold for $1,849,000. The highest sale so far this year was a 10-bedroom, 14-bathroom home on San Remo in the Riviera, which sold for $51 million.

There are now 17 condominiums/townhouses on the market (a 10% drop) and nine are currently in escrow. There have been 36 condo sales so far this year, ranging from a one-bedroom, one-bathroom on Sunset for $629,000 to a newly built five-bedroom, six-bathroom unit on Tramonto Drive for $5.25 million. The median condo sales price so far this year is $1,767,500, which is up 38% from this time last year (partly due to the high-end sales of the new One Coast development on Tramonto Drive).

There are currently seven pieces of raw land available, ranging from a 3,774-square-foot lot on Revello being offered at $395,000 to $19.5 million for almost an acre in the Highlands off Sunset. No vacant land has sold yet in 2022.

There are currently 52 available leases in the Palisades, up from 47 a year ago (an 11% increase). They range from a two-bedroom, two-bath condo on Sunset asking $3,698 per month to a six-bedroom, eight-bath home on Amalfi asking $75,000 per month.

There have been 89 leases so far this year (a 14% drop from last year’s 103 homes leased). The highest lease so far this year was a six-bedroom, eight-bath on Berea Place for $60,000 per month and the lowest was $2,150 per month for a studio apartment on Glenhaven. The median was $10,000 per month.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 36 years.