Median Sale Prices in Pacific Palisades Near $2.5 Million

As of January 31, there were 73 single-family Palisades residences listed in the Multiple Listing Service (M.L.S.), which is 28 percent higher than at the start of 2013.

So far this year 14 Palisades homes have sold and there are now 29 homes in escrow in the Palisades.

The average sale price per square foot has increased by only 6 percent as compared with the same period in 2013, and is now at $721 per square foot. Median sale prices are currently $2,492,000, compared to $1,668,000 a year ago.

Two factors contributing to this significant increase is that a year ago there were a higher number of smaller homes and investor purchases being made, whereas this January there were more larger and recently-built homes being purchased.

The lowest-priced available home is a 2-bedroom, 1-bath on Sunset at $875,000.

The highest-priced property is a stunning 5-bedroom, 7.5-bath on over half an acre on Chautauqua, asking $18,500,000 after nearly six months at $19,800,000.

The lowest sale price so far this year was a 3-bedroom, 2.5-bath on Akron Street, which sold for $1,269,000. The highest sale so far this year was a 4-bedroom, 6-bath on Alma Real Drive in the Huntington, which sold for $4,650,000.

There are 13 condominiums/townhouses on the market. They range from a 1-bedroom, 1-bath in the Edgewater Towers on Sunset Blvd. offered at $367,000, to a 3-bedroom, 4-bath condo in the newly completed Rockwell Development at Sunset and PCH for $2,695,000. Thirteen condos are currently in escrow.

There have been two condo sales so far this year, ranging from $930,000 for a 3-bedroom, 3-bath on Michael Lane in the Highlands, to $1,105,000 for a 3-bedroom, 3-bath unit on Antioch in the Village.

The median condo sale price is $1,017,500, which is up 24 percent from this time last year.

There are currently 12 pieces of raw land available, ranging from a 3,788 square-foot lot on Castellammare being offered at $245,999 to $14,900,000 for approximately two acres on Corona Del Mar, which has been on the market for nearly three years.

There is one lot pending sale on Castellammare and one lot on Revello that has sold so far this year.

There are currently 35 available leases in the Palisades. They range from a 1-bedroom, 1-bath unit on Sunset asking $2,300 per month, to a 7-bedroom, 7-bath home on Paseo Miramar asking $55,000 per month.

There have been 20 leases signed so far this year. The highest lease so far this year was a 5-bedroom, 5.5-bath on Alma Real Drive for $19,000 per month, and the lowest was $2,300 per month for a 1-bedroom, 1-bath on Sunset, and the median was $6,350 per month.

Michael Edlen, an agent with Coldwell Banker, has been keeping and analyzing statistics of Pacific Palisades housing prices for the last 28 years.