Local Market Strength Persists

By MICHAEL EDLEN | Special to the Palisadian-Post

As of September 1, there were 71 single-family Palisades residences listed in the Multiple Listing Service, which is 28% lower than at the start of September 2020. So far this year 268 Palisades homes have sold, which is 109% higher than this time last year, and there are now 37 homes in escrow in the Palisades, a 27% decrease over last year.

The average price per square foot ($1,245) is up by 8% over this time last year, and the median sale price ($3,805,000) is up by 13% now. These statistics indicate that the local market has continued to recover from the pandemic period impacts and set new all-time records.

The lowest-priced available home is a three-bedroom, two-bath on Avenida De Cortez asking $1,649,000. The highest-priced property is a seven-bedroom, 11-bath on Amalfi Drive, asking $46.5 million.

The lowest sale price so far this year was a three-bedroom, two-bath on Sunset, which sold for $1.47 million. The highest sale so far this year was a six-bedroom, 18-bathroom home in the Riviera, which sold for $83 million.

There are now 16 condominiums/townhouses on the market, a 45% decrease from this time last year. They range from one-bedroom, one-bath on Sunset offered at $629,000 to a five-bedroom, five-and-a-half-bath on Tramonto for $5.11 million. Eleven condos are currently in escrow.

There have been 71 condo sales so far this year, up 73% from this time last year. The lowest was a one-bedroom, one-bath on Sunset, which sold for $625,500, and the highest was a three-bedroom, three-and-a-half-bath new unit on Tramonto, which sold for $5.3 million. The median condo sales price is $1,335,000, which has increased by 19% from this time last year.

There are currently four pieces of raw land available, ranging from $375,000 for 900 square feet on PCH to $10,595,000 for almost one acre on Sunset near Marquez. Three lots have sold this year.

There are now 34 available leases in the Palisades, down 59% over last year. They range from a two-bedroom, two-bath condo on Sunset asking $3,995 per month to a six-bedroom, six-bath home on Paseo Miramar asking $65,000 per month.

There have been 283 leases so far this year, a 50% increase from last year. The highest lease so far this year was a six-bedroom, eight-bath on Amalfi Drive for $75,000 per month and the lowest was $1,895 per month for a one-bedroom, one-bathroom on Sunset. The median was up by 6% at $9,500 per month.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 35 years.