14930McKendree_ (53)-web

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

Share this with someone
Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on email

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.

Don't forget to share this post!

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on email
On Trend

Popular Stories