As of August 1, there were 84 single-family Palisades residences listed in the Multiple Listing Service, which is 91% higher than at the start of August 2022. So far this year, 138 Palisades homes have sold, which is a 26% decrease from this time last year. There are now 24 homes in escrow in the Palisades, which is up considerably from a year ago.
The current median sale price is $4.45 million, which is down 3% from this time last year. The average price per square foot ($1,646) is 4% lower than this time last year. The lowest-priced available home is a one-bedroom, one-bath on Sunset at $1,498,000. The highest-priced property is an eight-bedroom, 14-bath on Alta Mura, asking $64 million.
The lowest sale price so far this year was a three-bedroom, two-bath on Sunset, which sold for $1,849,000. The highest sale so far this year was an eight-bedroom, six-bathroom on Sunset, which sold for $24.5 million.
There are now 20 condominiums/townhouses on the market, which is the same level of inventory as this time last year. They range from one-bedroom, one-bath on Sunset offered at $845,000 to a two-bedroom, two-bath unit on Sunset asking $1,349,000. Eight condos are currently in escrow.
There have been 34 condo sales so far this year, which is a 37% decrease over last year. The lowest was a one-bedroom, one-bath on Sunset, which sold for $860,000, and the highest was a three-bedroom, three-bath on Palisades Drive, which sold for $2.73 million. The median condo sales price is $1,525,000, which has decreased by 14% from this time last year.
There are currently four pieces of raw land available, ranging from a 13,664-square-foot lot off of Oracle being offered at $848,000 to $9,995,000 for approximately two acres on Enchanted Way. Four lots have sold this year, ranging from a 5,000-square-foot lot on Castellammare, which sold for $500,000, to a 2,125-square-foot lot on Brooktree, which sold for $7,722,000.
There are now 103 available leases in the Palisades, which is a 63% rise in inventory. They range from a one-bedroom, one-bath condo on Marquez asking $4,500 per month to an eight-bedroom, eight-bath on Sunset asking $75,000 per month.
There have been 160 leases so far this year—23% more than this time last year. The highest lease so far this year was an eight-bedroom, 11-bath home on Rivas Canyon, which leased for $85,000 per month, and the lowest was $2,600 per month for a one-bedroom, one-bathroom on Sunset. The median was $10,000 per month, which is down 9% 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.
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