Very Mixed Market Signals

By MICHAEL EDLEN | Special to the Palisadian-Post

As of November 30, there were 68 single-family Palisades residences listed in the Multiple Listing Service, which is 11% higher than this time last year. So far this year 211 Palisades homes have sold, which is a 20% decrease over last year at this time. There are now 17 homes in escrow in the Palisades, which is the same as November 2022.

The average sale price per square foot is 4% lower compared with the same period in 2022 and is now at $1,614 per square foot. Median sale prices are currently $4.5 million, compared to $4.6 million a year ago—a decrease of 2%.

The lowest-priced available home is a three-bedroom, three-bath on Las Lomas being offered at $2,095,000. The highest-priced property is a six-bedroom, 12-bathroom house on Bella Oceana Vista asking $29,995,000.

The lowest sale price so far this year was a three-bedroom, two-and-a-half-bath on Sunset, which sold for $1.8 million. The highest sale so far this year was a seven-bedroom, 11-bath on Capri in the Riviera, which sold for $24.95 million.

There are 10 condominiums/townhouses on the market (a 50% drop from last year) with a median list price of $1.2 million (a 29% drop from last year). Eight condos are currently in escrow.

There have been only 60 condo sales so far this year (a 42% decrease), ranging from $550,000 for a one-bedroom, one-bath condo on Sunset to $5.25 million for a three-bedroom, three-bath unit on Palisades Drive in the Sea Ridge gated community. The median condo sale price is currently $1.3 million, which is a 24% decrease from last year’s $1.7 million median.

There are currently eight pieces of raw land available, ranging from a 13,664-square-foot lot off of Oracle Place for $848,000 to six acres on Casale being offered at $14,995,000. There have been four land sales so far this year.

There are currently 103 available leases in the Palisades, which is a 45% increase from this time last year. They range from a one-bedroom, one-bathroom unit on Sunset Boulevard asking $2,750 per month to a six-bedroom, 14-bath, fully furnished home on Pampas Ricas asking $140,000 per month.

There have been 248 leases so far this year, up 16% from last year. The highest lease so far this year was an eight-bedroom, 11-bath on Rivas Canyon for $85,000 per month and the lowest was $2,500 per month for a studio with one bathroom on Glenhaven. The median lease price is currently $10,000 per month, which is down by just 2% from this time last year.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 37 years.