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Mixed Market Indicators: Palisades Monthly Update (1/1/2020—2/29/2020)

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As of February 29th, there were 85 single-family Palisades residences listed in the Multiple Listing Service (M.L.S.), which is almost unchanged since last year at this time. So far this year 19 Palisades homes have sold, which is 58% more than last year’s first 2 months. There are currently 38 Palisades homes in escrow.

Table of Contents

Mixed Market Indicators

The median sale price per square foot has increased by 6% percent as compared with the same period in 2019, and is now at $1,182 per square foot. Median sale prices have decreased by 8% and are currently $2,750,000, as compared to $2,993,000 a year ago. 

The lowest-priced available home is a teardown/shovel-ready 5,400 sq ft lot on Bollinger asking $2,190,000. The highest-priced property is a 9-bedroom, 12-bath on Chautauqua, asking $26,000,000. The median list price for Pacific Palisades is now $4,900,000.

The lowest sale price so far this year was a 3-bedroom, 2-bath on Avenida De Cortez, which sold for $1,665,000. The highest sale so far this year was a 4-bedroom, 6-bath on Monaco, which sold for $9,800,000.

Number of Sales58% Higher
Median Sales Prices 8% Lower
$ / SqFt6% Higher
Average Days on Market12% Longer
Active Inventory2% Lower

Statistical comparisons for 2020 vs 2019. Statistics based upon M.L.S. records of Palisades single-family residences only (Including Sunset Mesa)

There are only 12 Palisades condominiums/townhouses on the market now, plus an additional 4 uncompleted units in a new development on Tramonto Drive. They range from 1-bedroom, 1-bath in the Edgewater Towers on Sunset Blvd. offered at $619,000, to a 3-bedroom, 4-bath condo on Tramonto offered at $5,300,000 but not yet ready for occupancy.

Fourteen condos are currently in escrow. There have been 13 condo sales so far this year, ranging from a 2-bedroom, 2-bath on Palisades drive, which sold for $960,000 to a 2-bedroom, 3-bath unit on Palisades Drive, which sold for $1,538,000. The median condo sales price is $1,113,750, which is down 9% from the start of 2019. 

There are currently 5 pieces of raw land available, ranging from over an acre lot on Palisades Court, being offered at $775,000 to $3,150,000 for almost 2.5 acres on El Bosque Ct in the Highlands. So far this year, two lots are under contract and one has sold at 538 Spoleto Drive in the Riviera for $5,800,000.

Year# SoldMedian Sales Price$/SqFtAvg DOM# Active as of end Feb 2020
202019$2.750 M$1,1825685
201912$2.993 M$1,1085087

There are currently 64 available leases in the Palisades, which is the same as this time last year

They range from a 1-bedroom, 1-bath unit on Sunset asking $3,400 per month, to a 6-bedroom, 8-bath home on Rivas Canyon asking $60,000 per month. There have been 22 leases so far this year – a 39% decrease over this period last year. The highest lease so far this year was a 5-bedroom, 7-bath on Monte Grigio, which leased for $35,000 per month. The lowest was $3,333 per month for a 1-bedroom, 1-bath unit in Edgewater Towers on Sunset Blvd, and the median was $8,750 per month, up 3% from this time last year.

This information only includes single-family residences only, and has been collected from sources deemed reliable, but not guaranteed. The “median” is the value of the middle home when the homes are arranged in an increasing order of prices.

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