The Market Has Changed

By MICHAEL EDLEN | Special to the Palisadian-Post

As of June 30, 112 single-family Palisades residences were listed in the Multiple Listing Service. The current level of inventory is 84% higher than last year’s June 30 available inventory (61). This is the first time since 2009 that there has been greater than a six-month overall level of inventory in the Palisades.

A total of 80 homes were sold in the Palisades in the first half of 2019, which is a 29% decrease from 2018 (113). Median sale prices ($2,987,500) were down 11% from 2018’s first half. There are currently 37 escrows open in the Palisades, which is fewer than the end of the first half last year.

The lowest-priced residence available is a four-bedroom, three-bath home on Puerto Del Mar, which is being offered at $1,875,000. The highest-priced available property is a six-bedroom, five-bathroom on Corona Del Mar, which is listed at $27.5 million.

The most affordable areas so far in 2019 are The Highlands and Castellammare/Paseo Miramar areas. The Huntington and Riviera have the highest median average sales price. The upper Bienveneda/Marquez and Highlands areas currently have the largest number of homes for sale in the Palisades.

The lowest sale price for the first half of 2019 was on Sunset ($1,595,000). The highest sale ($13 million) so far this year was on Amalfi Drive in The Riviera.

There are 25 condominiums/townhouses on the market (five of which are not yet completed), which is 54% more than what was available at the end of the first half in 2018. They range from a one-bedroom, one-bath on Sunset being offered at $695,000 to a three-bedroom, four-bath on Sunset for $2,695,000.

Thirty-three condominiums were sold in the Palisades since the start of the year, ranging from a one-bedroom, two-bath on Tramonto, which sold for $615,000, to a two-bedroom, three-bath on Sunset, which sold for $1.93 million.

The median sales price for condos at the end of the first half was $1,175,000, which is an 8% decrease over 2018’s first half median sales prices.

There are currently four pieces of raw land available, ranging from $1.76 million for half an acre sloped lot on PCH to $25 million for six lots on Paseo Miramar. There are three lots in escrow and one has sold this year.

There are currently 68 available leases in the Palisades, starting at $2,800 per month for a one-bedroom, one-bath condo on Sunset and asking as high as $75,000 per month for a six-bedroom, eight-bath house on La Cumbre in The Huntington.

There were 123 Palisades leases done in the first half of 2019 (an 8% drop from last year’s first half), ranging from a studio apartment on Glenhaven, which leased for $1,800 per month, to a five-bedroom, eight-bath new home on Amalfi, which leased at $56,000 per month. The current median lease price is approximately $8,700 per month (up 5% from this time last year).

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 33 years.