Very Mixed Market Signals

By MICHAEL EDLEN | Special to the Palisadian-Post

As of November 30, there were 66 single-family Palisades residences listed in the Multiple Listing Service, which is 3% lower than this time last year. So far this year 205 Palisades homes have sold, which is a 3% decrease over last year at this time. There are now 22 homes in escrow in the Palisades.

The average sale price per square foot is 6% lower compared with the same period in 2023 and is now at $1,524 per square foot. Median sale prices are currently $3.82 million, compared to $4.5 million a year ago, a decrease of 15%.

The lowest-priced available home is a four-bedroom, three-bath on Las Lomas being offered at $1,999,000. The highest-priced property is a seven-bedroom, 11-bathroom house on Casale asking $49.95 million.

The lowest sale price so far this year was a three-bedroom, three-bath on Chalet Terrace, which sold for $1,395,000. The highest sale so far this year was a six-bedroom, 12-bath on Chautauqua Boulevard, which sold for $32.3 million.

There are 16 condominiums/townhouses on the market (a 60% increase from last year) with a median list price of $1,292,500 (an 8% increase from last year). Only two condos are currently in escrow.

There have been 59 condo sales so far this year (a 2% decrease) ranging from $539,000 for a one-bedroom, one-bath condo on Sunset to $2.8 million for a three-bedroom, three-bath unit on Palisades Drive. The median condo sale price is currently $1,395,000, which is a 7% increase from last year’s $1.3 million median.

There are currently seven pieces of raw land available, ranging from a 3,703-square-foot lot on Castellammare for $650,000 to a two-acre lot on Casale being offered at $7,995,000. There has been only one land sale so far this year: nearly two and a half acres off Via Santa Ynez for $550,000.

There are currently 69 available leases in the Palisades, which is a 33% decrease from this time last year. They range from a one-bedroom, one-bathroom unit on Sunset Boulevard asking $2,900 per month to a six-bedroom, 18-bath fully furnished home on San Onofre asking $450,000 per month.

There have been 281 leases so far this year, up 13% from last year. The highest lease so far this year was a six-bedroom, 10-bath on Anoka for $76,000 per month and the lowest was $2,200 per month for a studio with one bathroom on Glenhaven. The median lease price is currently $11,500 per month, which is up by 15% from this time last year.

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