By MICHAEL EDLEN | Special to the Palisadian-Post
As of December 31, 2018, only 69 single-family Palisades residences were listed in the Multiple Listing Service. The current level of inventory (69) is 28 percent higher than last year’s December 31 available inventory (54).
A total of 227 homes were sold in the Palisades in 2018, which is 12 percent lower than last year. Median sale prices were up by 6 percent over 2017.
The median list price is at $4,847,000, which is up by 9 percent from the same period last year. There are currently 12 escrows open in the Palisades, which is approximately a 14 percent decrease from last year at this time.
The lowest-priced residence available is a two-bedroom, one-bath home on Fiske in the Alphabets, which is the only home being offered under $2 million at $1,995,000. The highest-priced available property is an eight-bedroom, 12-bathroom new construction on Ravoli listed at $24.45 million.
The most affordable area in 2018 continued to be Sunset Mesa, with a median average sales price of $2.25 million. The Riviera had the highest median average sales price ($7.225 million), although it was down from 2017.
The Highlands and Upper El Medio/Bienveneda areas currently have the largest number of homes for sale in the Palisades.
The lowest sale price for 2018 was on Erskine ($1,525,000). The highest home sale in 2018 was an estate on San Remo in The Riviera, which sold for nearly $34 million.
There are 19 condominiums/townhouses on the market, which is up 135 percent over last year’s available inventory. They range from a one-bedroom, one-bath on Sunset being offered at $639,000 to a two-bedroom, three-bath on Sunset being offered at $3,675,000.
There are also approximately half a dozen unfinished units available on Tramonto near PCH ranging from $3 million to nearly $7 million.
Sixty-two condominiums were sold in the Palisades in 2018, ranging from a one-bedroom, one-bath on Sunset, which sold for $580,000, to a three-bedroom, three-bath on Palisades Drive, which sold for $2.2 million. The median sales price for condos at the end of 2018 was $1,205,000, which is a 7 percent increase from the end of 2017.
There are currently three pieces of raw land available, ranging from $1.2 million for just under two acres on Calle Bellevista in The Highlands to $3.45 million for just over two acres on El Bosque Court in The Highlands.
Nine land sales took place in 2018, ranging from a 3,700-square-foot lot on Posetano, which sold for $150,000, to six acres on Via Santa Ynez, which sold for $3.2 million.
There are currently 71 leases in the Palisades, starting at $1,800 per month for a studio/guesthouse on Glenhaven and asking as high as $85,000 per month for an eight-bedroom, 13-bath house on Rivas Canyon Road.
There were 276 Palisades leases (16 percent more than in 2017) done in 2018, ranging from a one-bedroom, one-bath guesthouse on Via De La Paz, which leased for $2,500 per month, to a six-bedroom, eight-bath home on La Cumbre in The Huntington, which leased over asking for $57,500 per month.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 33 years.