By BRIAR PECSOK | Special to the Palisadian-Post
During the month of February, the average home sold in the Pacific Palisades (90272) market for $6,995,000 after spending 109 days on the market. In addition, the 38 home inventory saw a mere 8% relisting with an average square foot price of $1,695. The average square foot price has continued to climb since 2021, growing almost 40% since February 2021. This growth came during a housing market spike and though the housing market has somewhat slowed, homes within the Pacific Palisades continue to be in demand.
While the available housing inventory within the Pacific Palisades is decreasing significantly, people continue to seek out homes within the 90272 zip code. Pacific Palisades currently has a population of 22,927 people with a median age of 47.6; 28% of people between the ages of 35 to 54 and 26% of people between the ages of 0-19, meaning a younger generation is moving into the neighborhood. Many of these people are families raising kids. Seventy-one percent of the population is married, while 29% is single. As the population changes, the reputation of the schools stay the same and are driving many of the new families into the community. Twelve schools within the area all with exemplary scores, opportunities, and records offering some of the top rated educational opportunities in the LA County area.
In addition to low purchasing options, the rental options in the Pacific Palisade area are also at an all time low. With an average rental price of $2,364, rental vacancy rates dipped below 3% this year, while homeowner vacancy rates are at a mere .1% With 9,800 housing units within the Palisades, a median income of $181,000, and an unemployment rate of 4.1%, the area is one of the most sought after neighborhoods of LA County in 2022.
Briar Pecsok is a Sales Partner at Amalfi Estates, and she and her team have sold $2 billion in properties and were selected by the Wall Street Journal as one of the top 40 agents in the country out of one million agents. If you are thinking of buying a home or selling your own, Contact Briar Pecsok at 310-922-4241 or email@example.com.
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