By MICHAEL EDLEN | Special to the Palisadian-Post
As of September 30, 75 single-family Palisades residences were listed in the Multiple Listing Service. This inventory level is 32% lower than last year’s September 30 available inventory.
A total of 291 homes were sold in the Palisades through the third quarter of 2021, which is 75% higher than this time last year. Median sale prices were up 18% over 2020’s third quarter and the price per square foot was 7% higher. The median list price is currently $5.99 million, which is a 28% increase over last year at this time.
At the current rate of buying in the Palisades, overall there is a two-and-a-half-month level of inventory. Below the $5 million range, we only have one and a half months of inventory available as of October 1. As a reminder, the market will not be in relative balance between buyers and sellers until that level reaches five months.
The lowest-priced residence available is a three-bedroom, two-bath home on Sunset Boulevard, which is being offered at $1,849,000. The highest-priced available property is a seven-bedroom, 12-bathroom on Amalfi Drive listed at $46.5 million.
The most affordable area so far in 2021 is the Highlands, with a median price of $2.6 million. The Riviera had the highest median average sales price. The Upper Marquez and the Riviera currently have the largest number of homes for sale in the Palisades.
The lowest sale price for the third quarter of 2021 was on Sunset ($1.47 million). The highest sale so far this year was a six-bedroom, 18-bathroom home in the Riviera, which sold off market for $83 million.
There are 20 condominiums/townhouses on the market, which is a 20% drop from the end of the third quarter in 2020. They range from a one-bedroom, one-bath on Sunset being offered at $629,000 to a three-bedroom, three-and-a-half-bath on Tramonto for $5.95 million.
Seventy-seven condominiums were sold in the Palisades since the start of the year, ranging from a one-bedroom, one-bath on Sunset, which sold for $625,500, to a three-bedroom, three-and-a-half-bath on Tramonto, which sold for $5.3 million. The median sales price for condos at the end of the third quarter was $1,335,000, which is up 19% over 2020 third-quarter median sales prices.
There are currently 42 available leases (40% lower than last year) in the Palisades, starting at $3,798 per month for a two-bedroom, two-bath unit on Sunset and asking as high as $65,000 per month for a six-bedroom, six-bath house on Paseo Miramar. There were 208 Palisades leases done through the third quarter of 2020 (up 22% over last year), ranging from a one-bedroom, one-bathroom condo on Sunset, which leased for $1,895 per month, to a seven-bedroom, 10-bath home on Amalfi, which leased for $75,000 per month.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 35 years.