Prices Still Strong, Despite Lower Number of Homes Being Sold

By MICHAEL EDLEN | Special to the Palisadian-Post

As of August 1, there were 44 single-family Palisades residences listed in the Multiple Listing Service, which is 46% lower than at the start of August 2021. So far this year, 145 Palisades homes have sold, which is a 38% decrease from this time last year. There are now 15 homes in escrow in the Palisades, which is also down considerably from a year ago.

The current median sales price is $4.5 million, which is 18% higher than this time last year. The average price per square foot ($1,626) is 29% higher than this time last year. The lowest-priced available home is a two-bedroom, two-bath on Lachman Lane at $2.85 million. The highest-priced property is a 10-bedroom, 14-bath on Casale Road, asking $57.5 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, 14-bathroom on San Remo, which sold for $51 million.

There are now 21 condominiums/townhouses on the market, a 24% increase in inventory. They range from one-bedroom, one-bath on Sunset offered at $930,000 to a three-bedroom, three-and-a-half-bath unit on Tramonto asking $4.65 million.

Fourteen condos are currently in escrow. There have been 54 condo sales so far this year, which is a 13% increase over last year. The lowest was a one-bedroom, one-bath on Sunset, which sold for $629,000, and the highest was a five-bedroom, five-and-a-half-bath on Tramonto, which sold for $5.25 million. The median condo sales price is $1,767,500, which has increased by 34% from this time last year.

There are currently eight pieces of raw land available, ranging from nearly two acres in the Highlands, being offered at $799,000, to $19.5 million for approximately 27,000 square feet also in the Highlands. Two lots have sold this year.

There are now 63 available leases in the Palisades, which is a 70% rise in inventory. They range from a one-bedroom, one-bath condo on Chautauqua asking $2,550 per month to a six-bedroom, eight-bath on Amalfi Drive asking $75,000 per month.

There have been 130 leases so far this year—24% lower than this time last year. The highest lease so far this year was a seven-bedroom, eight-bath home on Spoleto, which leased for $75,000 per month, and the lowest was $2,150 per month for a studio on Glenhaven. The median was $11,000 per month, which is up 19% 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.