Continued Dramatic Change from Last Year

By MICHAEL EDLEN | Special to the Palisadian-Post

As of April 30, there were 66 single-family Palisades residences listed in the Multiple Listing Service, which is the same as this time last year. So far this year 46 Palisades homes have sold, which is 40% fewer sales than last year’s first four months. There are currently 36 Palisades homes in escrow.

The median sale price per square foot has fallen by 13% as compared with the same period in 2023 and is now at $1,472 per square foot. The median sales price has decreased by 28% and is currently $3,792,500, as compared to $5,275,000 a year ago.

Sales in the beginning of 2023 were unusually strong due to the interest rates being at near-historic low levels at that time. As a result, homes were selling for far more than was feasible during the same period this year.

The lowest-priced available home is a three-bedroom, two-bathroom on Sunset Boulevard asking $1,995,000. The highest-priced property is a seven-bedroom, 11-bath on Casale Road, asking $49.95 million. Both have been on the market for over 100 days. The median list price for Pacific Palisades is now $7,596,500.

The lowest sale price so far this year was a four-bedroom, three-bathroom on Las Lomas, which sold for $1.98 million. The highest sale so far this year was a six-bedroom, eight-bathroom on Alma Real, which sold for $20 million.

There are 18 Palisades condominiums/townhouses on the market now, which is an 18% decrease in the level of inventory from this time last year. They range from one-bedroom, one-bathroom in the Edgewater Towers on Sunset Boulevard offered at $575,000 to a two-bedroom, two-bathroom condo in the same community offered at $2 million. Seven condos are currently in escrow.

There have been 15 condo sales so far this year, ranging from a one-bedroom, one-bathroom on Sunset Boulevard, which sold for $500,000, to a two-bedroom, two-bathroom unit also on Sunset Boulevard, which sold for $1,565,000. The current median sale price is $1,175,000, which is a 30% drop.

There are currently six pieces of raw land available, ranging from a 7,286-square-foot lot on Castellammare being offered at $775,000 to $14,995,000 for approximately six acres off Casale Road in the Riviera. So far this year, one lot sold—nearly two acres off Via Santa Ynez, which sold for $550,000.

There are currently 95 available leases in the Palisades, which is a 19% increase from this time last year. They range from a one-bedroom, one-bathroom on Sunset asking $2,600 per month to a six-bedroom, 14-bathroom home on Pampas Ricas asking $140,000 per month.

There have been 91 leases so far this year—exactly the same as this period last year. The highest lease so far this year was a six-bedroom, five-bathroom on DePauw, which leased for $60,000 per month. The lowest was $2,700 per month for a two-bedroom, two-bathroom unit on Sunset Boulevard, and the median leased price was $11,000 per month, up 10% from this time last year.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for
the last 38 years.