A Market Adjustment May Have Begun
As of September 30th, 2020, 111 single-family Palisades residences were listed in the Multiple Listing Service (M.L.S.). This inventory level is ▲5% higher than last year’s September 30th available inventory. A total of 166 homes were sold in the Palisades through the third quarter of 2020, which is ▲13% higher than this time last year. Median sale prices were up ▲8% over 2019’s third quarter, and the price per square foot was ▼1% lower. The median list price is currently $4,695,000, which is exactly the same as last year at this time.
|Number of Sales||▲13 % higher|
|Median Sale Prices||▲8 % higher|
|Price per Square Foot||▼8% lower|
|Average Days On Market||▼12 % shorter|
|Active Inventory||▲5 % higher|
Statistics based upon M.L.S. records of Pacific Palisades single-family residences only
(Including Sunset Mesa)
The lowest-priced residence available is a 2-bedroom, 2-bath home on Mount Holyoke, which is being offered at $1,650,000. The highest-priced available property is an “under-construction” 8-bedroom, 14-bathroom on Corona Del Mar listed at $34,000,000.
The most affordable areas so far in 2020 are the Highlands and lower Marquez/Bel Air Bay Club neighborhoods. The Huntington had the highest median average sales price. The Upper Marquez, Highlands and the Riviera currently have the largest number of homes for sale in the Palisades (20, 15 and 15 respectively).
The lowest sale price for the third quarter of 2020 was on Sunset ($1,511,250). The highest sale ($24 million) so far this year was on Chautauqua.
Condos & Townhomes
There are 28 condominiums/townhouses on the market, which is up 8% over the end of the third quarter in 2019. They range from a 1-bedroom, 1-bath on Sunset being offered at $645,000, to a 3-bedroom, 4-bath for a not-yet-completed unit on Tramonto for $5,300,000. Forty-nine condominiums were sold in the Palisades since the start of the year, ranging from a 1-bedroom, 1-bath on Sunset, which sold for $605,000, to a 3-bedroom, 3-bath on Palisades Dr, which sold for $1,919,000. The median sales price for condos at the end of the third quarter was $1,125,000, which is down 4% over 2019 third-quarter median sales prices.
|Year||# Sold||Median Price||$/sqft||Avg DOM|
Active as of 8/31
Leases & Rentals
There are currently 70 available leases in the Palisades, starting at $2,950/mo for a 2-bedroom, 1-bath townhome on Michael Lane, and asking as high as $350,000 per month for a 6-bedroom, 18-bath house on San Onofre. There were 170 Palisades leases done through the third quarter of 2019 (down 9% over last year), ranging from a 1-bedroom, 1-bathroom condo on Sunset, which leased for $3,200/month, to a 6-bedroom, 6-bath home on Corona Del Mar, which leased for $90,000/month.