Luxury Homes with Pool in LA.

Local Market Strength Persists! (1/1/21 – 8/31/21)

Table of Contents

Single Family Homes

As of September 1st, there were 71 single-family Palisades residences listed in the Multiple Listing Service (M.L.S.), which is ▼28% lower than at the start of September 2020.  So far this year 268 Palisades homes have sold, which is ▲109% higher than this time last year and there are now 37 homes in escrow in the Palisades, an ▼27% decrease over last year! 

The average price per square foot ($1,245) is up by 8% over this time last year, and the median sale price ($3,805,000) is up by 13% now. These statistics indicate that the local market has continued to recover from the pandemic period impacts and set new all-time records.

Year# SoldMedian $$/SqftAvg DOMTotal Active
2021268$3.80M$12454771
2020128$3.55M$11564199
January 1st – August 31st

The lowest-priced available home is a 3-bedroom, 2-bath on Avenida De Cortez asking $1,649,000. The highest-priced property is a 7-bedroom, 11-bath on Amalfi Drive, asking $46,500,000.

The lowest sale price so far this year was a 3-bedroom, 2-bath on Sunset, which sold for $1,470,000. The highest sale so far this year was a 7-bedroom, 11-bathroom home on Rustic Lane, which sold for $25,500,000.

Number of Sales109% higher
Median Sale Prices13% higher
Price per Square Foot8% higher
Average Days On Market▼15% longer
Active Inventory▼28% lower
Statistical comparisons for 2021 vs 2020. Statistics based upon M.L.S. records of Palisades single-family residences only (Including Sunset Mesa)

Condos & Townhomes

There are now 16 condominiums/townhouses on the market, a 45% decrease from this time last year. They range from 1-bedroom, 1-bath on Sunset offered at $629,000, to a 5-bedroom, 5.5-bath on Tramonto for $5,110,000. Eleven condos are currently in escrow. There have been 71 condo sales so far this year, up 73% from this time last year. The lowest was a 1-bedroom, 1-bath on Sunset, which sold for $625,500 and the highest was a 3-bedroom, 3.5-bath new unit on Tramonto, which sold for $5,300,000. The median condo sales price is $1,335,000, which has increased by 19% from this time last year.

Lots & Land

There are currently four pieces of raw land available, ranging from $375,000 for 900 square feet on PCH to $10,595,000 for almost one acre on Sunset near Marquez. Three lots have sold this year.

Leases

There are now 34 available leases in the Palisades, down ▼59% over last year. They range from a 2-bedroom, 2-bath condo on Sunset asking $3,995 per month, to a 6-bedroom, 6-bath home on Paseo Miramar asking $65,000 per month. There have been 283 leases so far this year, a ▲50% increase from last year. The highest lease so far this year was a 6-bedroom, 8-bath on Amalfi Drive for $75,000 per month, and the lowest was $1,895 per month for a 1-bedroom, 1-bathroom on Sunset. ▲The median was up by 6% at $9,500 per month. 

Don't forget to share this post!

On Trend

Popular Stories

Seller Myths & Mistakes
Trusting Zillow Could Be Costly

I recently received a call from a local homeowner asking if I would like to list her home for sale. She explained that she had done her research and wanted us to do the same type of marketing we had done so successfully for her neighbor. She also already knew how much her property was worth, and if we would be willing to put it on the market a bit higher than that, rather than slightly below what it was worth as the neighbor had chosen to do.

Read More »