Current Palisades Market: Try to Figure This Out!

As of April 30, there were 66 single-family Palisades residences listed in the Multiple Listing Service, which is 94% higher than at the start of May 2022.

So far this year 76 Palisades homes have sold, which is 29% lower than this time last year. There are 20 homes in escrow, which is a drop of 15%.

The median sale price ($5,387,500) is up by 23% over last year, and the average price per square foot ($1,725) is up by just 4% over this time last year.

The lowest-priced available home is a one-bedroom, one-bath on Puerto Del Mar at $2,195,000. The highest-priced property is an eight-bedroom, 14-bath on Alta Mura Road in the Riviera, asking $64 million.

The lowest sale price so far this year was a three-bedroom, two-bath on Jacon Way, which sold for $2.15 million. The highest sale so far this year was an eight-bedroom, six-bathroom home on Sunset, which sold for $24.5 million.

There are now 22 condominiums/townhouses on the market (an 83% increase) and 18 are currently in escrow. There have been eight condo sales so far this year (an astounding 77% drop from this time last year), ranging from a one-bedroom, one-bathroom on Sunset for $860,000 to a three-bedroom, three-bathroom unit on Palisades Drive for $2.73 million. The median condo sales price so far this year is $1,673,000, which is up 14% from this time last year.

There are currently seven pieces of raw land available, ranging from a 13,600-square-foot lot off of Oracle being offered at $848,000 to $9,995,000 for a two-acre lot on Enchanted Way.

There are currently 80 available leases in the Palisades, up from 45 a year ago (a 78% increase). They range from a one-bedroom, one-bath condo on Sunset asking $2,800 per month to a five-bedroom, seven-bath home on Toulon asking $89,500 per month.

There have been 91 leases so far this year. The highest lease so far this year was a six-bedroom, eight-bath home on Swarthmore for $40,000 per month and the lowest was $2,600 per month for a one-bedroom, one-bathroom unit on Sunset. The median was $10,000 per month—a decrease of 17% from this time last year.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 37 years.