By MICHAEL EDLEN | Special to the Palisadian-Post
A s of December 31, 2020, 75 single-family Palisades residences were listed in the Multiple Listing Service. This current level of inventory is 14% higher than last year’s December 31 available inventory (66).
A total of 251 homes were sold in the Palisades in 2020, which is 19% higher than last year.
Median sale prices were up by 6% over 2019. The median list price is at $5.95 million, which is up by 7% from the same period last year. There are currently 37 escrows open in the Palisades, which is an increase of 131% from last year at this time.
The lowest-priced residence available is a two-bedroom, two-bath home on Sunset, which is listed at $1,495,000. The highest-priced available property is an eight-bedroom, 14-bathroom on Corona Del Mar listed at $34 million.
The most affordable areas in 2020 were Lower Marquez/Bel Air Bay and the Highlands. The Riviera and Huntington Palisades continue to have the highest median average sales prices. The Riviera and Upper El Medio/Bienveneda areas currently have the largest number of homes for sale in the Palisades.
The lowest sale price for 2020 was on Avenida de Santa Ynez ($1.45 million). The highest home sale in 2020 was a newly built home on Chautauqua, which sold for $24 million.
There are 24 condominiums/townhouses on the market, which is up 9% over last year’s available inventory. They range from a one-bedroom, one-bath on Sunset being offered at $639,000 to a five-bedroom, six-bath on Tramonto Drive being offered at $4,955,000.
Sixty-eight condominiums were sold in the Palisades in 2020 (down 10%), ranging from a one-bedroom, one-bath on Sunset, which sold for $605,000, to a two-bedroom, three-bath on Sunset, which sold for $3.5 million. The median sales price for condos at the end of 2020 was $1,146,000, which is a 2% increase from the end of 2019.
There are currently six pieces of raw land available, ranging from $799,000 for 1.8 acres on Calle Bellavista to $11.9 million for nearly one acre on Sunset. Five land sales took place in 2020, ranging from a 42,000-square-foot lot on Posetano, which sold for $545,000, to a 1.5-acre hillside lot on Marquette, which sold for $8.25 million.
There are currently 58 leases in the Palisades, starting at $3,550 per month for a two-bedroom, two-bathroom condo on Sunset, and asking as high as $75,000 per month for a five-bedroom, six-bath house on Corona Del Mar.
There were 223 Palisades leases (12% fewer than last year) done in 2020, ranging from a one-bedroom, one-bathroom condo on Sunset, which leased for $2,800 per month, to a six-bedroom, six-bath home on Corona Del Mar, which leased for $90,000 per month.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 35 years.
This page is available to subscribers. Click here to sign in or get access.