By MICHAEL EDLEN | Special to the Palisadian-Post
As of September 30, 106 single-family Palisades residences were listed in the Multiple Listing Service. This inventory level is 12% higher than last year’s September 30 available inventory.
A total of 147 homes were sold in the Palisades through the third quarter of 2019, which is 11% lower than this time last year. Median sale prices were down just 7% over 2018’s third quarter, and the price per square foot was 1% lower.
The median list price is currently $4,697,000, which is 3% lower than last year.
The third quarter Palisades sales this year were the lowest we have had in 11 years for third quarters. The number of months of Palisades homes inventory is now up to a seven-month level—the highest since 2011. These are all indicators that a market adjustment has begun.
The lowest-priced residence available is a two-bedroom, two-and-a-half-bath home on Sunset, which is being offered at $1,395,000. The highest-priced available property is an eight-bedroom, 12-bathroom on Amalfi, listed at $51,995,000.
The most affordable areas so far in 2019 are The Highlands and Sunset Mesa. The Huntington had the highest median average sales price. The Upper Marquez and Highlands areas currently have the largest number of homes for sale in the Palisades (20 and 16, respectively).
The lowest sale price for the third quarter of 2019 was on Las Casas ($1.5 million). The highest sale ($21 million) so far this year was on Ravoli, adjacent to The Riviera.
There are 26 condominiums/townhouses on the market, which is about the same as what was available at the end of the third quarter in 2018. They range from a one-bedroom, one-bath on Sunset, being offered at $695,000, to a three-bedroom, two-bath on Sunset for $2,375,000.
Forty-eight 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 Ocean Avenue, which sold for $5,465,000.
The median sales price for condos at the end of the third quarter was $1,175,000, which is down 8% over 2018 third quarter median sales prices.
There are currently 76 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 $85,000 per month for a seven-bedroom, 10-bath house on Amalfi.
There were 187 Palisades leases done through the third quarter of 2018 (down 11% over last year), ranging from a studio guesthouse on Glenhaven, which leased for $1,800 per month, to a six-bedroom, eight-bath home on La Cumbre, which leased for $100,000 per month.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 33 years.