Local Market Still Favors Sellers

By MICHAEL EDLEN | Special to the Palisadian-Post

As of October 31, there were 61 single-family Palisades residences listed in the Multiple Listing Service, which is 8% lower than the available inventory this time last year. So far this year, 198 Palisades homes have sold, which is 37% lower than last year at this time. There are now 21 homes in escrow in the Palisades, which is a decrease of 53%.

The average sale price per square foot has increased by 26% as compared with the same period in 2021 and is now at $1,587 per square foot. Median sale prices are currently $4.5 million, compared to $3,839,500 a year ago—a 17% increase.

The lowest-priced available home is a four-bedroom, three-bath on Avenida De Cortez at $1,899,000. The highest-priced property is a seven-bedroom, 11-bath home on Casale 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 is a 10-bedroom, 14-bath on San Remo, which sold for $51 million.

There are 18 condominiums/townhouses on the market. They range from one-bedroom, one-bath on Sunset (Edgewater Towers) offered at $899,000 to a two-bedroom, two-bath unit on Sunset offered at $1,199,000. Eight condos are currently in escrow.

There have been 79 condo sales so far this year (a 6% decrease over last year), ranging from $829,900 for a one-bedroom, one-bath condo on Sunset to $2,795,000 for a two-bedroom, three-and-a-half-bath unit on Tramonto. The median condo sale price is currently $1,725,000, which is a 31% increase over this time last year.

There are currently four pieces of raw land available, ranging from $1.2 million for a 5,400-square-foot lot on Posetano to $17.3 million for less than one acre in the Highlands. There have been three lots sold in the Palisades this year.

There are currently 64 available leases in the Palisades, up 42% from this time last year. They range from a one-bedroom, one-bath unit on Sunset asking $3,500 per month to an eight-bedroom, 12-bath home on Alma Real asking $64,000 per month.

There have been 199 leases so far this year, which is a 12% decrease over last year. The highest lease so far this year was a five-bedroom, five-bath on Sorrento for $85,000 per month, and the lowest was $2,150 per month for a studio on Glenhaven. The median was $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.