Local Leases and Home Sales Since January 7

By MICHAEL EDLEN | Special to the Palisadian-Post

For the past five months, the Palisades real estate market has been dominated by vacant lot listings. Understandably, many people assume that there has been little other activity. However, that’s not the full story.

Although only about 30% of homes remain standing after the devastation, there has been meaningful movement in both home sales and leases across the area. A closer look at where these transactions are occurring may offer insight into current market conditions.

Home Sales Overview

Since January 7, 20 homes have sold, with a median price exceeding $4 million. Nine additional sales are currently in escrow, and 58 homes remain actively on the market. For context:

• At the current sales pace, inventory represents about 14 months of supply.
• If pending escrows are factored in, the inventory drops to seven months.
• Where are buyers focusing their interest?
• 25% of sales have been in the Riviera, the least affected area.
• 20% have been in the Huntington.
• The rest are scattered throughout other Palisades neighborhoods.

Leasing Activity

Since the fire, 30 homes have been leased, most in highly desirable areas and at premium rates—averaging $35,000 per month. Currently, 52 homes are available for lease, with:

• Average asking rent: $19,000 per month
• Median rent: $11,000 per month (reflecting many included condominiums)
• Pre-fire median: ~$14,000 per month

Leased homes have generally found tenants within four weeks. Those still available have been on the market for nearly twice as long. Similarly, homes that sold did so in less than three weeks, while unsold listings now average about 10 weeks on the market.

Withdrawn Listings

Roughly 40 homes were removed from the market after failing to sell within three months; a similar number failed to lease. Some were later relisted at lower prices—and succeeded.

The Road Ahead

We’re now entering a more accessible phase for showings:

Most lots have been cleared of debris

Fewer trucks are on the roads

Several restaurants have reopened

Rebuilding has begun in earnest, with some residents returning

Schools may be operational again by year’s end

People preparing to rebuild may now seek temporary housing—either by leasing nearby or purchasing a home as a transitional and potential long-term investment.

While we’ll have to see how the market unfolds in the coming years, one thing is certain: The Palisades is not just a market of vacant lots. Homes are being bought, sold and leased. As always, the keys to success remain visibility, ease of showing and realistic pricing.

We’re listing our first newly available Palisades home this week—including holding an open house. Time will tell how it performs.

The Edlen Team has been helping people buy, sell and lease homes in the Palisades for over 35 years. This year alone, they’ve represented more than a dozen vacant lot owners. For a consultation, contact team@edlenteam.com or 310-600-7422.