By MICHAEL EDLEN | Special to the Palisadian-Post
As of September 1, there were 50 single-family Palisades residences listed in the Multiple Listing Service, which is 30% lower than at the start of September 2021. So far this year 161 Palisades homes have sold, which is 40% lower than this time last year, and there are now 22 homes in escrow in the Palisades, a 40% decrease over last year.
The average price per square foot ($1,617) is up by 30% over this time last year, and the median sale price ($4.5 million) is up by 18% now. However, prices here are only 5% higher than last year based on just the last month. These statistics show that the local market has continued to favor sellers, although with steadily weakening energy.
The lowest-priced available home is a five-bedroom, four-bath on Avenida De La Herradura in the Highlands asking $2,699,000. The highest-priced property is a seven-bedroom, 11-bath on Casale Road in the Riviera, asking $57.5 million.
The lowest sale price so far this year was a three-bedroom, two-bath on Sunset, which sold for $1,849,000. The highest sale so far this year was a 10-bedroom, 14-bathroom home on San Remo in the Riviera, which sold for $51 million.
There are now 21 condominiums/townhouses on the market, a 31% increase from this time last year. They range from one-bedroom, one-bath on Sunset offered at $930,000 to a three-bedroom, three-and-a-half-bath on Tramonto for $5.75 million. Seven condos are currently in escrow—a 57% dip from last year.
There have been 69 condo sales so far this year, down 3% from this time last year. The lowest was a one-bedroom, one-bath on Sunset, which sold for $629,000, and the highest was a five-bedroom, five-and-a-half-bath new unit on Tramonto, which sold for $5.25 million. The median condo sales price is $1.7 million, which has increased by 27% from this time last year.
There are currently five pieces of raw land available, ranging from $799,000 for nearly two acres in the Highlands to $19.5 million for less than one acre in the Highlands. Three lots have sold this year.
The leasing market has shifted strongly in favor of tenants. There are now 73 available leases in the Palisades, up 115% over last year. They range from a studio apartment on El Medio asking $3,850 per month to an eight-bedroom, 12-bath home on Alma Real in the Huntington asking $69,500 per month.
There have been 159 leases so far this year, a 44% decrease from last year. The highest lease so far this year was a seven-bedroom, eight-bath on Spoleto in the Riviera for $75,000 per month and the lowest was $1,295 per month for a studio on Chautauqua at PCH. The median is now at $10,500 per month.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 36 years.
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