Dramatic Change Compared With Start of Last Year

By MICHAEL EDLEN | Special to the Palisadian-Post

As of February 29, there were 69 single-family Palisades residences listed in the Multiple Listing Service, which is a 9% decrease from this time last year. So far this year 19 Palisades homes have sold, which is 24% fewer sales than last year’s first two months. There are currently 14 Palisades homes in escrow—a 33% decrease.

The median sale price per square foot has fallen by 20% as compared with the same period in 2023 and is now at $1,507 per square foot. The median sales price has decreased by 21% and is currently $4.35 million, as compared to $5.5 million 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 Tellem asking $1,995,000. The highest-priced property is a seven-bedroom, 11-bath on Casale Road, asking $49.95 million. The median list price for Pacific Palisades is now $6,895,000.

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 10 Palisades condominiums/townhouses on the market now, which is a 56% 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 $649,000 to a two-bedroom, two-bathroom condo in the same community offered at $2 million.

Only four condos are currently in escrow. There have been only two 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.

There are currently four pieces of raw land available, ranging from a 7,286-square-foot lot on Castellammare being offered at $1,175,000 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 85 available leases in the Palisades, which is a 20% 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 48 leases so far this year—30% more than this period last year. The highest lease so far this year was a seven-bedroom, eight-bathroom on Spoleto, which leased for $55,000 per month. The lowest was $2,700 per month for a two-bedroom, two-bathroom unit on Sunset Boulevard. The median leased price was $9,775 per month, up 15% 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.