Volume Shrinks As Prices Continue Higher

As of March 31, 67 single-family Palisades residences were listed in the Multiple Listing Service. The current level of inventory is 91% higher than last year’s March 31 available inventory.

A total of 59 homes were sold in the Palisades in the first quarter of 2023, which is a 23% decrease from 2022. Median sale prices ($5.9 million) were up 39% from 2022’s first quarter. The median list price is currently $5,995,000, which is a 14% decrease over the same period last year. There are currently 18 escrows open in the Palisades versus 21 at the end of March 2022.

The lowest-priced residence available is a three-bedroom, two-and-a-half-bath home on Avenida De La Herradura, which is being offered at $1,838,000. The highest-priced available property is an eight-bedroom, 14-bathroom on Alta Mura in the Riviera, which is listed at $64 million.

The most affordable area so far in 2023 is the Highlands. The Riviera currently has the largest number (11) of homes for sale in the Palisades.

The lowest sale price for the first quarter of 2023 was a four-bedroom, four-bathroom on Paseo De Oro ($2,465,000). The highest sale ($24.5 million) so far this year was an eight-bedroom, six-bathroom on Sunset Boulevard.

There are 24 condominiums/townhouses on the market, which is 71% more than what was available at the end of the first quarter in 2022. They range from a one-bedroom, one-bath on Sunset being offered at $895,000 to a new five-bedroom, five-and-a-half-bath on Tramonto for $3.95 million.

Five condominiums were sold in the Palisades since the start of the year (a 74% dip), ranging from a two-bedroom, one-and-a-half-bath on Bienveneda, which sold for $1.11 million, to a three-bedroom, three-bath on Palisades Drive, which sold for $2.73 million. The median sales price for condos at the end of the first quarter was $1.9 million, which is up by 41% over 2022 first-quarter median sales prices.

There are currently eight pieces of raw land available, ranging from $848,000 for a 13,000-square-foot lot off of Oracle above the Village to $9,995,000 for two acres on Enchanted Way. There are no lots in escrow and only one land sale so far this year.

There are currently 72 available leases in the Palisades (a 76% increase over the start of 2022), starting at $4,850 per month for a one-bedroom, one-bath on Marquez and asking as high as $89,500 per month for a five-bedroom, seven-bath house on Toulon.

There were 68 Palisades leases done in the first quarter of 2023 (a 42% increase from last year’s first quarter), ranging from a one-bedroom, one-bathroom unit on Sunset, which leased for $2,600 per month, to a six-bedroom, eight-bath home on Swarthmore, which leased for $40,000 per month. The current median lease price is approximately $9,925 per month (a 12% increase over last year at this time).

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