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Continuing Strong Demand as Covid Continues to Fade (1/1/21 – 5/31/21)

Table of Contents

Single Family Homes

As of May 31st, there were 83 single-family Palisades residences listed in the Multiple Listing Service (M.L.S.), which is ▼11% lower than at the end of May 2020.  So far this year 158 Palisades homes have sold, which is ▲151% higher than this pandemic time last year. There are now 56 homes in escrow in the Palisades, which is a ▲229% increase over the same pandemic period last year. The median sale price ($3,650,000) is up by ▲14% over this time last year, the average price per square foot ($1,213) is up by ▲9%. 

Year# SoldMedian $$/SqftAvg DOMTotal Active
2021158$3.65M$12135583
202063$3.2M$11126493
(January 1st – May 31st)

The lowest-priced available home is a 2-bedroom, 2-bath on Sunset at $2,188,888. The highest-priced property is the Leonard Estate on Amalfi Drive asking $46.5 million for a 7-bedroom, 12-bath home with a tennis court.

The lowest sale price so far this year was a 2-bedroom, 2-bath on Sunset, which sold for $1,470,000. The highest sale so far this year was an 8-bedroom, 14-bath new construction on Corona Del Mar, which was asking $34,000,000 and sold for $25,150,000.

Number of Sales151% higher
Median Sale Prices14% higher
Price per Square Foot9% higher
Average Days On Market▼14% shorter
Active Inventory▼11% lower
Statistics based upon M.L.S. records of Palisades single-family residences only (Including Sunset Mesa)

Condos & Townhomes

There are now 19 condominiums/townhouses on the market. They range from 1-bedroom, 1-bath on Sunset offered at $629,000, to a 3-bedroom, 4-bath newly-built townhome on Tramonto for $5,500,000. Fourteen condos are currently in escrow. There have been 43 condo sales so far this year. The lowest was a 1-bedroom, 1-bath on Sunset, which sold for $625,500 and the highest was a 3-bedroom, 4-bath townhome in the newly-completed development on Tramonto, which sold for $5,300,000. The median condo sales price is $1,295,000, which is up ▲20% from this time last year. 

Lots & Land

There are currently only four pieces of raw land available, ranging from a 4,300 sq. ft. lot on Castellammare, being offered at $749,000 to $10,595,000 for almost an acre on Sunset. Only one lot has sold so far this year – a 3,850 sq ft lot on Castellammare, which sold for $1,295,000. 

Leases

There are currently 47 available leases, which is ▼53% lower than this time last year in the Palisades. They range from a 1-bedroom, 2-bath on Tramonto asking $3,499 per month, to a 7-bedroom, 10-bath home on Amalfi asking $80,000 per month. There have been 103 leases so far this year, which is up ▲106% from this period last year.  The highest lease so far this year was a 6-bedroom, 8-bath on Amalfi for $70,000 per month, and the lowest was $1,895 per month for a 1-bedroom, 1-bath on Sunset. The median leased price is currently $8,000 per month.

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