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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. 

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