Prices Jump Due to Low Inventory

Palisades Monthly Update, from January 1 through February 28

By MICHAEL EDLEN | Special to the Palisadian-Post

As of February 28, there were 41 single-family Palisades residences listed in the Multiple Listing Service, which is a 45% decrease from this time last year. So far this year, 28 Palisades homes have sold, which is 44% fewer sales than last year’s first two months. There are currently 34 Palisades homes in escrow—a 31% decrease.

The median sale price per square foot has increased by 30% as compared with the same period in 2021 and is now at $1,559 per square foot. Median sale prices have jumped by 23% and are currently $4,250,000, as compared to $3,467,500 a year ago.

The lowest-priced home is a three-bedroom, two-bathroom on Erskine asking $2,249,995. The highest-priced property continues to be a seven-bedroom, 12-bath on Amalfi, asking $46,500,000.

The median list price for Pacific Palisades is now $5,650,000 which is only slightly higher than this time last year.

The lowest sale price so far this year was a three-bedroom, two-bath on Sunset Blvd, which sold for $1,849,000. The highest sale so far this year was an eight-bedroom, 11-bath on Las Lomas, which sold for $19,500,000.

There are 21 Palisades condominiums/townhouses on the market now, which is the same as this time last year. They range from two-bedroom, one-bath in the Edgewater Towers on Sunset Blvd. offered at $699,000, to a newly-built three-bedroom, three-and-a-half-bath condo on Tramonto offered at $5,950,000. Thirteen condos are currently in escrow.

There have been 12 condo sales so far this year, ranging from a two-bedroom, two-bath on Sunset Blvd, which sold for $798,000 to a five-bedroom, five-and-a-half-bath unit on Tramonto, which sold for $5,090,000. The median condo sales price is $1,685,000, which is up 35% from the start of 2021.

There are currently six pieces of raw land available, ranging from a 3,774 lot on Revello, being offered at $445,000 to $1,495,000 for a 4,323 square foot lot on Castellammare. So far this year, one lot is in escrow and none have sold.

There are currently 44 available leases in the Palisades, which is a 27% decrease from this time last year. They range from a studio with one-bath on Glenhaven asking $2,100 per month, to a seven-bedroom, 11-bath home on Rustic Lane asking $90,000 per month. There have been 26 leases so far this year—the same as this period last year. The highest lease so far this year was a three-bedroom, five-bath on Revello, which leased for $50,000 per month. The lowest was $3,175 per month for a two-bedroom, two-bath unit on Sunset Blvd, and the median leased price was $8,825 per month, up 18% 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.