By MICHAEL EDLEN | Special to the Palisadian-Post
As of September 1, there were 97 single-family Palisades residences listed in the Multiple Listing Service, which is 26% higher than at the start of September 2018. So far this year, 130 Palisades homes have sold, which is 13% lower than this time last year, and there are now 28 homes in escrow in the Palisades.
The average price per square foot ($1,184) is down by 2% over this time last year, and the median sale price ($3,058,750) is down by 8%. These statistics appear to indicate a definite slowdown in the market and signs that a price correction phase may be here.
The lowest-priced available home is a two-bedroom, two-bath on Goucher at $1.85 million. The highest-priced property is a seven-bedroom, 11-bath on Paseo Miramar, asking $25 million.
The lowest sale price so far this year was a two-bedroom, two-bath on Sunset, which sold for $1,595,000. The highest sale so far this year was an eight-bedroom, 12-bathroom new home on Ravoli, which sold for $21 million.
There are now 30 condominiums/townhouses on the market, nearly double the amount from this time last year. They range from one-bedroom, one-bath on Sunset offered at $695,000 to an unfinished five-bedroom, six-bath on Tramonto for $5.55 million. Twelve condos are currently in escrow.
There have been 46 condo sales so far this year, up slightly from last year. The lowest was a one-bedroom, two-bath on Tramonto, which sold for $615,000, and the highest was a two-bedroom, three-bath townhome on Sunset, which sold for $1.93 million. The median condo sales price is $1,175,000, which has decreased by 8% from this time last year.
There are currently five pieces of raw land available, ranging from $500,000 for a 3,700-square-foot lot on Castellammare to $25 million for six lots on Paseo Miramar. Two lots have sold this year.
There are now 67 available leases in the Palisades. They range from a one-bedroom, one-bath condo on Sunset, asking $2,800 per month, to an eight-bedroom, 13-bath home on Rivas Canyon, asking $68,000 per month.
There have been 170 leases so far this year, down 11% from last year. The highest lease so far this year was a six-bedroom, eight-bath on La Cumbre for $100,000 per month and the lowest was $1,800 per month for a studio apartment guesthouse on Glenhaven. The median was up by 10% at $8,900 per month.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 32 years.