Slower Sales, Softer Prices, Growing Inventory & More Homes Leased

By MICHAEL EDLEN | Special to the Palisadian-Post

As of September 30, 84 single-family Palisades residences were listed in the Multiple Listing Service. The current level of inventory is 10% higher than last year’s September 30 available inventory.

A total of 167 homes were sold in the Palisades in the first three quarters of 2024, which is a 6% decrease from 2023’s three quarters. Median sale prices ($3.75 million) were down 16% from 2023’s third quarter. The median list price is currently $5,537,500—9% lower than this time last year. There are currently 13 escrows open in the Palisades, which is 23% lower than the end of the third quarter last year.

The lowest-priced residence available is a three-bedroom, two-bath home on Sunset, which is being offered at $1,849,000. The highest-priced available property is a seven-bedroom, 11-bathroom on Casale, which is listed at $49.95 million.

The most affordable area so far in 2024 is the Highlands, with a median price of $3.25 million. The highest priced areas are the Riviera and Rustic Canyon, with average prices above $8 million.

The lowest sale price for the third quarter of 2024 was on Chalet Terrace ($1,395,000). The highest sale ($32.3 million) so far this year was on Chautauqua.

There are 15 condominiums/townhouses on the market, which is 6% fewer than what was available at the end of the third quarter in 2023. They range from a two-bedroom, two-bath on Sunset being offered at $820,000 to a three-bedroom, three-bath on Palisades Circle for $1,388,000.

Forty-seven condominiums were sold in the Palisades since the start of the year (a 2% decrease from last year), ranging from a one-bedroom, one-bath on Sunset, which sold for $500,000, to a two-bedroom, three-bath on Sunset, which sold for $2.5 million. The median sales price for condos at the end of 2024’s third quarter was $1,355,000, which is down 10% over 2023 third-quarter median sales prices.

There are currently 10 pieces of raw land available, ranging from $525,000 for a 985-square-foot lot off of PCH to $8.25 million for nearly one and a half acres on Marquette. One lot has sold so far this year—approximately 2.3 acres off Via Santa Ynez for $550,000.

There are currently 82 available leases in the Palisades (an 18% decrease over the third quarter of 2023), starting at $2,600 per month for a one-bedroom guesthouse on Glenhaven and asking as high as $80,000 per month for a six-bedroom, eight-and-a-half-bath house on Minorca.

There were 232 Palisades leases done in the first three quarters of 2023 (a 12% increase from this time last year), ranging from a one-bedroom, one-bathroom unit on Sunset, which leased for $2,300 per month, to a six-bedroom, 10-bath on Anoka Drive, which leased for $76,000 per month. The current median lease price is approximately $12,000 per month.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 38 years.