By MICHAEL EDLEN | Special to the Palisadian-Post
As of November 30, there were 101 single-family Palisades residences listed in the Multiple Listing Service, which is 2% higher than this time last year. So far this year, 222 Palisades homes have sold, which is an 18% increase over last year at this time. There are now 40 homes in escrow in the Palisades, up 48% from November 2019.
The average sale price per square foot is the same as compared with the same period in 2019 and is now at $1,167 per square foot. Median sale prices are currently $3,332,500, compared to $3.1 million a year ago—an increase of 7%.
The lowest-priced available home is a two-bedroom, one-bath on Radcliffe being offered at $1,795,000. The highest-priced property is an eight-bedroom, 14-bathroom house on Corona Del Mar asking $34 million.
The lowest sale price so far this year was a three-bedroom, two-bath on Sunset, which sold for $1,495,000. The highest sale so far this year was a nine-bedroom, 12-bath on Chautauqua, which sold for $24 million.
There are 27 condominiums/townhouses on the market with a median list price of $1,095,000. Thirteen condos are currently in escrow. There have been 58 condo sales so far this year (a decrease of 13%), ranging from $605,000 for a one-bedroom, one-bath condo on Sunset to $3.5 million for a two-bedroom, three-bath, top-level unit on Sunset. The median condo sale price is currently $1.15 million, which is down 2% from this time last year.
There are currently eight pieces of raw land available, ranging from a two-acre lot on Calle Bellavista, being offered at $799,000, to a one-acre lot on Sunset, being offered at $11.95 million. There have been four land sales so far this year.
There are currently 53 available leases in the Palisades, which is a 21% dip from this time last year. They range from a one-bedroom, one-bath on Sunset asking $2,800 per month to a six-bedroom, eight-bath home on Amalfi Drive asking $70,000 per month. There have been 219 leases so far this year, down 7% from last year.
The highest lease so far this year was a six-bedroom, six-bath on Corona Del Mar for $90,000 per month and the lowest was $3,300 per month for a one-bedroom, one-bathroom unit on Sunset. The median lease price is currently $9,000 per month, which is up nearly 2% from this time last year.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 34 years.
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