Lower Inventory, Slower Sales, Decreasing Rate of Price Increases

By MICHAEL EDLEN | Special to the Palisadian-Post

As of September 30, 56 single-family Palisades residences were listed in the Multiple Listing Service. The current level of inventory is 25% lower than last year’s September 30 available inventory.

A total of 182 homes were sold in the Palisades in the first three quarters of 2022, which is a 37% decrease from 2021’s three quarters. Median sale prices ($4.5 million) were up 15% from 2021’s third quarter. The median list price is currently $5.5 million—8% lower than this time last year. There are currently 22 escrows open in the Palisades, which is 8% lower than the end of the third quarter last year.

The lowest-priced residence available is a three-bedroom, two-bath home on Sunset, which is being offered at $2.25 million. The highest-priced available property is a seven-bedroom, 11-bathroom on Casale, which is listed at $57.5 million.

The most affordable area so far in 2022 is the El Medio Bluffs, with a median price of $2.9 million. The Upper Bienveneda/Marquez area currently has the largest number of homes for sale in the Palisades.

The lowest sale price for the third quarter of 2022 was on Sunset ($1,849,000). The highest sale ($51 million) so far this year was on San Remo.

There are 19 condominiums/townhouses on the market, which is 5% fewer than what was available at the end of the third quarter in 2021. They range from a one-bedroom, one-bath on Sunset being offered at $930,000 to a two-bedroom, two-bath on Sunset for $1.2 million.

Seventy-nine condominiums were sold in the Palisades since the start of the year (just a 1% decrease from last year), ranging from a one-bedroom, one-bath on Sunset, which sold for $629,000, to a five-bedroom, five-and-a-half-bath on Tramonto, which sold for $5.25 million. The median sales price for condos at the end of the 2022’s third quarter was $1.73 million, which is up 30% over 2021 third quarter median sales prices.

There are currently four pieces of raw land available, ranging from $1,289,000 for a 3,852-square-foot lot on Castellammare to $17.3 million for a 27,000-square-foot lot in the Highlands. Three lots have sold so far this year.

There are currently 69 available leases in the Palisades (a 64% increase over the third quarter of 2022), starting at $3,500 per month for a one-bedroom, one-bath unit on Sunset Boulevard and asking as high as $64,900 per month for an eight-bedroom, 12-bath house on Alma Real.

There were 180 Palisades leases done in the first three quarters of 2022 (a 14% decrease from this time last year), ranging from a one-bedroom, one-bathroom unit on Sunset, which leased for $1,895 per month, to a seven-bedroom, 10-bath on Amalfi, which leased for $75,000 per month. The current median lease price is approximately $10,600 per month.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 36 years.