By MICHAEL EDLEN | Special to the Palisadian-Post
As compared with the first seven months of 2015, the Palisades market has noticeably fewer sales, much higher inventory and slightly lower prices. As of July 31, there were 108 single-family Palisades residences listed in the Multiple Listing Service (MLS), which is up 33 percent from last year. So far this year, 153 Palisades homes have sold (which is 16 percent lower than 2015), and there are now 39 homes in escrow in the Palisades.
The average sale price per square foot has decreased by three percent as compared with the same period in 2015, and is now at $1,019 per square foot. Median sale prices are currently $2.675 million, which is down five percent as compared with last year’s $2.814 million median sale price at this time.
Clearly the local real estate market has shifted in the last few months and has almost normalized to a balance between favoring sellers and buyers.
The lowest-priced available home is a four-bedroom, two-bath on Bienveneda at $1.6 million. The highest-priced property is a seven-bedroom, 13-bath on San Remo in the Riviera, and is asking $42 million. The median list price is currently $4.495 million.
The lowest sale price so far this year was a two-bedroom, two-bath on Sunset, which sold for $1.1 million. The highest sale so far this year was a seven-bedroom, 11-bath on San Remo, which sold for $22.375 million.
There are 20 condominiums/townhouses on the market. They range from a one-bedroom, one-bath on Sunset Boulevard offered at $529,900, to a three-bedroom, three-bath condo on Sunset Boulevard for $3.688 million. Nine condos are currently in escrow. There have been 52 condo sales so far this year, ranging from $529,000 for a one-bedroom, one-bath condo on Sunset to $2.250 million for a three-bedroom, three-bath unit on Haverford Avenue in the Village. The median condo sale price is $890,000, which is down 13 percent from this time last year ($1.025 million).
There are currently 10 pieces of raw land available, ranging from a 3,887 square foot lot on Posetano Road, being offered at $149,000 to just under $10.995 million for 27,000 square foot lot on Corona Del Mar. There are currently three lots in escrow, and only one that has sold this year.
There are currently 77 available leases in the Palisades. They range from a two-bedroom, one-bath unit on Haverford Avenue asking $3,650 per month, to a five-bedroom, six-bath home on Posetano Road asking $155,000 per month. There have been 131 leases so far this year. The highest lease so far this year was a five-bedroom, six-bath on Arno Way in the Bel Air Bay Club neighborhood for $50,000 per month, and the lowest was $1,450 per month for a one-bedroom, one-bath on Pacific Coast Highway, and the median lease price was $7,500 per month at the start of August.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 30 years.
Palisades Monthly Update
(1/1/16 – 7/31/16)
The “median” is the value of the middle home when the homes are arranged in an increasing order of prices. Based on information from the Association of REALTORS/Multiple Listing Service from (Jan. 1 to July 31) and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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