Local Market Still Favors Sellers

By MICHAEL EDLEN | Special to the Palisadian-Post

As of October 31, there were 68 single-family Palisades residences listed in the Multiple Listing Service, which is 11% higher than the available inventory this time last year. So far this year, 195 Palisades homes have sold, which is 18% lower than last year at this time. There are now 14 homes in escrow in the Palisades, which is a decrease of 33%.

The average sale price per square foot has decreased by 2% as compared with the same period in 2022 and is now at $1,626 per square foot. Median sale prices are currently $4.5 million, compared to $4.6 million a year ago—a 2% decrease.

The lowest-priced available home is a three-bedroom, two-bath on Las Casas at $1,995,000. The highest-priced property is an eight-bedroom, 15-bath home on Amalfi Drive asking $44 million.

The lowest sale price so far this year was a three-bedroom, two-and-a-half-bath on Avenida De La Herradura, which sold for $2 million. The highest sale so far this year is a seven-bedroom, 11-bath on Capri, which sold for $24.95 million.

There are 21 condominiums/townhouses on the market. They range from one-bedroom, one-bath on Sunset (Edgewater Towers) offered at $765,000 to a three-bedroom, three-and-a-half-bath unit on Michael Lane offered at $1.87 million. Seven condos are currently in escrow.

There have been 52 condo sales so far this year, ranging from $860,000 for a one-bedroom, one-bath condo on Sunset to $2.73 million for a three-bedroom, two-bath unit on Palisades Drive. The median condo sale price is currently $1,516,500, which is a 12% decrease over this time last year, because there were many last year in a new project on Tramonto Drive.

There are currently seven pieces of raw land available, ranging from $848,000 for a 13,664-square-foot lot off of Oracle to $14,995,000 for six acres off of Capri Drive. There have been four lots sold in the Palisades this year.

There are currently 100 available leases in the Palisades, up 56% from this time last year. They range from a four-bedroom, four-bath unit on Sunset asking $2,700 per month to a seven-bedroom, eight-bath home on Spoleto asking $75,000 per month.

There have been 232 leases so far this year, which is a 17% decrease over last year. The highest lease so far this year was an eight-bedroom, 11-bath on Rivas Canyon Road for $85,000 per month and the lowest was $2,500 per month for a studio on Glenhaven. The median was $10,000 per month.

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