Statistics Indicate Local Market Has Recovered From Pandemic Impacts

By MICHAEL EDLEN | Special to the Palisadian-Post

As of September 1, there were 99 single-family Palisades residences listed in the Multiple Listing Service, which is 2% higher than at the start of September 2019. So far this year, 128 Palisades homes have sold, which is only 2% lower than this time last year, and there are now 51 homes in escrow in the Palisades, an 82% increase over last year.

The average price per square foot ($1,156) is down by 2% over this time last year, and the median sale price ($3,355,500) is up by 9% now. These statistics indicate that the local market has already fully recovered from the pandemic period impacts.

The lowest-priced available home is a four-bedroom, four-bath on Calle de Catalina asking $2,095,000. 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 $1,511,250. The highest sale so far this year was a nine-bedroom, 12-bathroom new home on Chautauqua, which sold for $24 million.

There are now 29 condominiums/townhouses on the market, the same as this time last year. They range from one-bedroom, one-bath on Sunset offered at $639,000 to an in-process three-bedroom, four-bath on Tramonto for $5.3 million.

Fourteen condos are currently in escrow. There have been 41 condo sales so far this year, slightly down from this time 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 townhome on Palisades Drive, which sold for $1,919,000. The median condo sales price is $1,125,000, which has decreased by 4% from this time last year.

There are currently 12 pieces of raw land available, ranging from $799,000 for almost two acres on Calle Bellavista to $11.95 million for almost one acre on Sunset near Marquez. Four lots have sold this year. The highest was 1.5 acres on Marquette for $8.25 million.

There are now 83 available leases in the Palisades, up 24% over last year. They range from a two-bedroom, one-bath condo on Michael Lane asking $2,950 per month to a six-bedroom, 18-bath home on San Onofre in the Riviera asking $350,000 per month.

There have been 142 leases so far this year, down 16% from last year. The highest lease so far this year was a furnished six-bedroom, six-bath on Corona Del Mar for $90,000 per month, and the lowest was $3,300 per month for a one-bedroom, one-bathroom on Sunset. The median was up by 1% at $8,975 per month.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 34 years.