Median Sale Price Up 15% Due to Low Inventory

By MICHAEL EDLEN | Special to the Palisadian-Post

As of Feb. 28, there were 58 single-family Pacific Palisades residences listed in the Multiple Listing Service (MLS), which is 27 percent lower than at the start of March 2016. So far this year, 37 Palisades homes have sold, which is 15 percent more than this time last year. There are now 35 homes in escrow in the Palisades.

Although the average price per square foot is exactly the same as this time last year, the median sale price is 15 percent higher now. That is logical because of the significantly lower inventory level today.

The lowest-priced available home is a two-bedroom, one-bath on Radcliffe at $1.599 million. The highest-priced property is a seven-bedroom, 13-bath on San Remo, asking $38 million.

The lowest sale price so far this year was a three-bedroom, three-bath on Sunset, which sold for $1.703 million. The highest sale so far this year was a seven-bedroom, 10-bath on San Onofre, which sold for $22 million.

There are now nine condominiums/townhouses on the market. They range from a one-bedroom, two-bath on Sunset, offered at $675,000, to a three-bedroom, three-bath condo on Sunset for $3.395 million.

Five condos are currently in escrow. There have been seven condo sales so far this year. The lowest was a two-bedroom, two-bath on Bienveneda, which sold for $816,000, and the highest was a three-bedroom, three-bath townhome in Sea Ridge on Palisades Drive, which sold for $1.65 million. The median condo sales price is $1.15 million, which is up from this time last year.

There are currently 10 pieces of raw land available, ranging from a 3,700-square-foot lot on Posetano, being offered at $175,000, to $5.95 million for several acres on Via Santa Ynez. There are no lots in escrow and none have sold this year.

There are currently 60 available leases in the Palisades. They range from a one-bedroom, one-bath condo on Sunset asking $3,350 per month, to a five-bedroom, six-bath home on Posteano, asking $155,000 per month.

There have been 34 leases so far this year. The highest lease was a five-bedroom, six-bath on Via Cresta for $25,000 per month, and the lowest was $2,850 per month for a one-bedroom, one-bath on Sunset. The median was $6,950 per month.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 31 years.