By MICHAEL EDLEN | Special to the Palisadian-Post
As of August 1, there were 93 single-family Palisades residences listed in the Multiple Listing Service, which is 15% lower than at the start of August 2019. So far this year, 104 Palisades homes have sold, which is 6% lower than last year. However, there are now 41 homes in escrow in the Palisades as opposed to 28 at this time last year, a 46% increase this year.
The average price per square foot ($1,153) is just 3% lower than this time last year, and the median sale price ($3,337,500) is up by 11% now.
The lowest-priced available home is a three-bedroom, two-bath on Sunset at $1,695,000. The highest-priced property is a seven-bedroom, nine-bath on Corona Del Mar, asking $20 million.
The lowest sale price so far this year was a three-bedroom, two-bath on Sunset, which sold for $1.55 million. The highest sale so far this year was a nine-bedroom, 12-bathroom on Chautautqua, which sold for $24 million.
There are now 28 condominiums/townhouses on the market (four of which are under construction). They range from a one-bedroom, one-bath on Sunset offered at $639,000 to a not-yet-completed, four-bedroom, three-and-a-half-bath unit on Tramonto asking $5.3 million.
Seventeen condos are currently in escrow, which is a 112% increase from this time last year. There have been 32 condo sales so far this year, which is a 25% decrease over last year. The lowest was a one-bedroom, one-bath on Sunset, which sold for $605,000, and the highest was a three-bedroom, three-bath on Palisades, which sold for $1,919,000. The median condo sales price is $1,083,000, which has decreased by 8% from this time last year.
There are currently seven pieces of raw land available, ranging from a 3,850-square-foot lot on Castellammare being offered at $1,295,000 to $11.95 million for six lots totaling approximately one acre on Sunset. Four lots have sold this year.
There are now 73 available leases in the Palisades. They range from a two-bedroom, one-bath condo on Michael Lane asking $2,950 per month to a six-bedroom, 18-bath on San Onofre asking $350,000 per month.
There have been 118 leases so far this year. The highest lease so far this year was a six-bedroom, six-bath home on Corona Del Mar in the Huntington, which leased for $90,000 per month, and the lowest was $3,200 per month for a one-bedroom, one-bath on Sunset. The median was $8,975 per month, which is slightly up from this time last year.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 34 years.
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