Median Sale Price Up as Inventory Remains Low

By MICHAEL EDLEN | Special to the Palisadian-Post

As of July 1, there were 79 single-family Pacific Palisades residences listed in the Multiple Listing Service, which is 28 percent lower than at the start of July 2016. So far this year, 130 Palisades homes have sold, which is the same as this time last year, and there are now 36 homes in escrow in the Palisades.

The average price per square foot ($1,127) is up by 11 percent over this time last year, and the median sale price ($2.95 million) is up by nine percent now. One main reason for this is the continued low level of inventory.

The lowest-priced available home is a two-bedroom, one-bath on Marquette at $1.55 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 two-bedroom, one-bath on Radcliffe, which sold for $1.5 million. The highest sale so far this year was an exquisite new home on Casale in The Riviera, which sold privately for $32.5 million.

There are now 13 condominiums/townhouses on the market. They range from one-bedroom, one-bath on Sunset, offered at $589,500, to a two-bedroom, two-bath condo on Sunset for $1.645 million.

Eight condos are currently in escrow. There have been 36 condo sales so far this year. The lowest was a one-bedroom, one-bath on Sunset, which sold for $589,000, 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 $1,123,250, which has increased by 27 percent from this time last year.

There are currently 14 pieces of raw land available, ranging from a 3,700-square-foot lot on Posetano, offered at $175,000, to $5.95 million for several acres on Via Santa Ynez. Two lots have sold this year.

There are now 65 available leases in the Palisades. They range from a one-bedroom, one-bath on Sunset, asking $3,200 per month, to a five-bedroom, six-bath home on Posetano, asking $100,000 per month. There have been 121 leases so far this year.

The highest lease so far this year was a five-bedroom, seven-bath on San Remo for $85,000 per month, and the lowest was $2,850 per month for a one-bedroom, one-bath on Sunset. The median was $7,995 per month. This is six percent higher than the median lease price at this time last year.

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