Fascinating Current Market in Pacific Palisades

By MICHAEL EDLEN | Special to the Palisadian-Post

As of March 31, 69 single-family Palisades residences were listed in the Multiple Listing Service. The current level of inventory is 20% lower than last year’s March 31 available inventory.

A total of 91 homes were sold in the Palisades in the first quarter of 2021, which is a 127% increase from 2020. Median sale price ($3.62 million) was up 10% from 2020’s first quarter.

The median list price is currently $5,695,000, which is a 27% increase over the same period last year. There are currently 50 escrows open in the Palisades, which is a 117% increase from the end of the first quarter last year.

The lowest-priced residence available is a four-bedroom, four-bath home on Paseo De Oro in the Highlands, which is being offered at $2,075,000. The highest-priced available property is a seven-bedroom, 13-bathroom on Altata in the Huntington, which is listed at $25 million.

The most affordable areas so far in 2021 are the Highlands and Sunset Mesa neighborhoods. The Upper Bienveneda/Marquez and Riviera areas currently have the largest number of homes for sale in the Palisades.

The lowest sale price for the first quarter of 2021 was a two-bedroom, two-bathroom on Sunset ($1.47 million). The highest sale ($17.1 million) so far this year was a seven-bedroom, 12-bathroom home built in 2018 on Paseo Miramar.

There are 24 condominiums/townhouses on the market, which is 41% more than what was available at the end of the first quarter in 2020. They range from a one-bedroom, one-bath on Sunset being offered at $599,000 to a new five-bedroom, six-bath on Tramonto for $5.85 million.

Twenty condominiums were sold in the Palisades since the start of the year, ranging from a two-bedroom, two-bath on Sunset, which sold for $920,000, to a three-bedroom, four-bath on Tramonto, which sold for $5.3 million. The median sales price for condos at the end of the first quarter was $1.38 million, which is up 28% over 2020 first-quarter median sales prices.

There are currently four pieces of raw land available, ranging from $848,000 for a 13,000-square-foot lot off of Oracle Place to $2.6 million for under almost 15,000-square-foot lot on Revello. There is one lot in escrow and no sales so far this year.

There are currently 60 available leases in the Palisades (a 10% decrease over the start of 2020), starting at $1,995 per month for a one-bedroom, one-bath on Sunset and asking as high as $50,000 per month for a four-bedroom, four-bath house on Revello.

There were 45 Palisades leases done in the first quarter of 2021 (a 55% increase from last year’s first quarter), ranging from a two-bedroom, two-bathroom unit on Sunset, which leased for $3,300 per month, to a six-bedroom, eight-bath home on Amalfi in the Riviera, which leased for $70,000 per month. The current median lease price is approximately $7,750 per month, which is about 10% lower than last year.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 35 years. You can reach him at 310-600-7422 or michael@edlenteam.com for information about your home’s range of value today.