Strong Housing Demand Continues

By MICHAEL EDLEN | Special to the Palisadian-Post

As of October 31, there were 66 single-family Palisades residences listed in the Multiple Listing Service, which is 38% lower than the available inventory this time last year. So far this year 313 Palisades homes have sold, which is 58% higher than last year at this time. There are now 45 homes in escrow in the Palisades, which is an increase of 29%.

The average sale price per square foot has increased by 7% as compared with the same period in 2020 and is now at $1,256 per square foot. Median sale prices are currently $3,839,500, compared to $3,297,500 a year ago—a 16% increase.

The lowest-priced available home (and only one under $2 million) is a three-bedroom, two-bath on Las Casas at $1.98 million. The highest-priced property is a seven-bedroom, 12-bath home on Amalfi asking $46.5 million.

The lowest sale price so far this year was a two-bedroom, two-bath on Sunset, which sold for $1.47 million. The highest sale so far this year was a six-bedroom, 18-bathroom home in the Riviera, which sold for $83 million in an off-market deal.

There are 21 condominiums/townhouses on the market (down 34%). They range from one-bedroom, one-bath on Sunset (Edgewater Towers) offered at $629,000 to a three-bedroom, three-and-a-half-bath unit on Tramonto offered at $5.95 million.

Ten condos are currently in escrow. There have been 84 condo sales so far this year (a 50% increase over last year), ranging from $625,500 for a one-bedroom, one-bath condo on Sunset to $5.3 million for a three-bedroom, three-and-a-half-bath unit on Tramonto. The median condo sale price is currently $1,317,500, which is a 15% increase over this time last year.

There is currently only one piece of raw land available, off of Oracle, being offered at $848,000. There have been two lots sold in the Palisades this year—a 3,800-square-foot lot on Castellammare, which sold for $1,295,000, and a nearly 15,000-square-foot lot on Revello, which sold for $2,326,000.

There are currently 45 available leases in the Palisades, down 27% from this time last year. They range from a three-bedroom, three-and-a-half-bath unit on Sunset asking $3,498 per month to a six-bedroom, six-bath home on Paseo Miramar asking $65,000 per month.

There have been 227 leases so far this year, which is a 15% increase over last year. The highest lease so far this year was a seven-bedroom, 10-bath on Amalfi for $75,000 per month and the lowest was $1,895 per month for a one-bedroom, one-bath unit on Sunset. The median was $9,500 per month.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 35 years.