Palisades Monthly Update: Slowing Sales, Growing Inventory

By MICHAEL EDLEN | Special to the Palisadian-Post

As of February 28, there were 76 single-family Palisades residences listed in the Multiple Listing Service, which is an 85% increase from this time last year. So far this year 23 Palisades homes have sold, which is 18% fewer sales than last year’s first two months. There are currently 21 Palisades homes in escrow—a 38% decrease.

The median sale price per square foot has increased by 18% as compared with the same period in 2022 and is now at $1,840 per square foot. Median sale prices have jumped by 14% and are currently $4.85 million, as compared to $4.25 million a year ago.

The lowest-priced available home is a three-bedroom, four-bathroom on Alcima asking $2.65 million. The highest-priced property is an eight-bedroom, 14-bath on Alta Mura, asking $46.5 million. The median list price for Pacific Palisades is now $6,445,000, which is 14% higher than this time last year.

The lowest sale price so far this year was a four-bedroom, four-bath on Paseo De Oro, which sold for $2,465,000. The highest sale so far this year was an eight-bedroom, six-bath on Sunset, which sold for $24.5 million.

There are 23 Palisades condominiums/townhouses on the market now, which is slightly above the active level of inventory this time last year. They range from one-bedroom, one-bath in the Edgewater Towers on Sunset Boulevard offered at $710,000 to a newly built five-bedroom, five-and-a-half-bath condo on Tramonto, offered at $3.95 million.

Only four condos are currently in escrow. There have been only two condo sales so far this year (down 83% from early 2022), ranging from a three-bedroom, two-and-a-half-bath on Michael Lane, which sold for $1,821,000, to a three-bedroom, three-and-a-half-bath unit on Palisades Drive, which sold for $2.73 million. The median condo sales price is $2,275,500, which is up 35% from the start of 2022.

There are currently eight pieces of raw land available, ranging from a 13,664-square-foot lot off of Oracle Place offered at $848,000 to $6,995,000 for a 12,497-square-foot lot on Corsica. So far this year, no lots have sold.

There are currently 71 available leases in the Palisades, which is a 61% increase from this time last year. They range from a two-bedroom, two-bath on Sunset asking $3,800 per month to a five-bedroom, seven-bath home on Toulon asking $89,500 per month.

There have been 37 leases so far this year—42% more than this period last year. The highest lease so far this year was a four-bedroom, four-bath on Lachman, which leased for $25,000 per month. The lowest was $2,600 per month for a one-bedroom, one-bath unit on Sunset Boulevard, and the median leased price was $8,500 per month, down 4% from this time last year.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 37 years.