Prices Continue Higher as Sales and Leasing Inventory Remain Low

Palisades Monthly Update, from January 1 through April 30

By MICHAEL EDLEN | Special to the Palisadian Post

As of April 30, there were only 34 single-family Palisades residences listed in the Multiple Listing Service, which is 55% lower than at the start of May 2021.

So far this year, 85 Palisades homes have sold, which is 35% lower than this time last year, and there are 23 homes in escrow, which is a drop of more than 50%.

The median sale price ($4,300,000) is up by 17% over last year, and the average price per square foot ($1,585) is also up by 32% over this time last year.

The lowest-priced available home is a three-bedroom, four-bath on Alcima at $2,650,000. The highest-priced property is a 14-bedroom, 14-bath on San Remo in the Riviera, asking $57,500,000.

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 a five-bedroom, eight-bathroom home on Corona Del Mar, which sold for just under $34,000,000.

There are now 12 condominiums/townhouses on the market (a 43% drop) and 10 are currently in escrow. There have been 26 condo sales so far this year, ranging from a two-bedroom, one-bathroom on Sunset for $699,000 to a newly-built three-bedroom, three-and-a-half-bathroom unit on Tramonto Drive for $4,530,000. The median condo sales price so far this year is $1,497,500, which is up 12% from this time last year (partly due to the high-end sales of the new One Coast development on Tramonto Drive).

There are currently 45 available leases in the Palisades, down from 63 a year ago (a 29% drop). They range from a one-bedroom, one-bath condo on Sunset asking $2,300 per month, to a seven-bedroom, 10-bath home on Amalfi Drive asking $85,000 per month. There have been 61 leases so far this year. The highest lease so far this year was a five-bedroom, seven-bath new home on Spoleto Drive for $60,000 per month, and the lowest was $2,100 per month for a studio apartment on Glenhaven and the median was $12,000 per month—an incredible increase of 55% from this time last year.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 36 years.