A total of 40 homes were sold in the Pacific Palisades in the first quarter of 2020, which is a 21% increase from 2019. Median sale prices ($3,291,250) were up 7% from 2019’s first quarter. The median list price is currently $4,495,000, which is a 4% decrease over the same period last year. There are currently 23 escrows open in the Pacific Palisades, which is a 35% increase from the end of the first quarter last year.
|Area||# of Homes||# Sold YTD||Median Sold Price||Yearly Low||Yearly High||# On Market||# In Escrow|
|Rustic Cyn / Will Rodgers||318||0||—||$||$||3||1|
|S of Village||662||7||$4.735M||$||$||4||2|
|El Medio Bluffs||748||6||$3.325M||$||$||5||2|
|El Medio to Upper Marquez / Bienveneda||1427||5||$2.00M||$||$||19||5|
|Castellammare / Paseo Miramar||392||0||—||$||$||4||1|
|Sunset Mesa / Pacific View Estates||574||2||$4.10M||$||$||1||1|
The lowest-priced residence available is a 3-bedroom, 3-bath home on Livorno, which is being offered at $1,995,000. The highest-priced available property is a 9-bedroom, 12-bathroom on Chautauqua, which is listed at $26,000,000.
The most affordable areas so far in 2020 are the El Medio/Upper Bienveneda and Marquez Knolls neighborhoods. The Upper Bienveneda/Marquez and Highlands areas currently have the largest number of homes for sale in the Pacific Palisades.
The lowest sale price for the first quarter of 2020 was on Mount Holyoke ($1,560,000). The highest sale ($12.3 million) so far this year was on Turquesa Lane in the Marquez Knolls area.
|Year||# Sold||Median Sales Price||$/SqFt||Avg DOM||# Active as of Mar 31st|
Townhomes & Condos
There are 17 condominiums/townhouses on the market, which is 13% more than what was available at the end of the first quarter in 2019. They range from a 1-bedroom, 1-bath on Sunset being offered at $680,000, to a 3-bedroom, 4-bath that is still under construction on Tramonto for $5.3 million. Nineteen condominiums were sold in the Pacific Palisades since the start of the year, ranging from a 2-bedroom, 2-bath on Sunset, which sold for $795,000, to a 3-bedroom, 4-bath on Palisades Drive, which sold for $1,795,000. The median sales price for condos at the end of the first quarter was $1,076,000, which is down 8% over 2019 first-quarter median sales prices.
There are currently 5 pieces of raw land available, ranging from $998,000 for 1 13,000 sq ft lot off of Oracle Pl to $3.2 million for under 4,000 sq ft lot on Revello. There is one lot in escrow and two have sold this year – most notably a 16,558 sq ft lot on Spoleto in the Riviera sold for $5.8 million.
Rentals & Leases
There are currently 67 available leases in the Pacific Palisades (a 22% increase over the start of 2019), starting at $3,300/month for a 2-bedroom, 1-bath on Michael Lane, and asking as high as $60,000 per month for a 5-bedroom, 7-bath house on Ravoli Drive. There were 29 Pacific Palisades leases done in the first quarter of 2020 (a 45% decline from last year’s first quarter), ranging from a 1-bedroom, 1-bathroom unit on Sunset, which leased for $3,333/month, to a 5-bedroom, 7-bath new home on Monte Grigio, which leased for $35,000/month. The current median lease price is approximately $9,000/month.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 34 years.
This information only includes single-family residences and has been collected from sources deemed reliable, but not guaranteed. The “median” is the value of the middle home when the homes are arranged in an increasing order of prices.
|Number of Sales||▲ 21% Higher|
|Median Sales Prices||▼ 7% Lower|
|$ / SqFt||▼ 7% Lower|
|Average Days on Market||9% Longer|
|Active Inventory||▼ 37% Lower|
Based on information from the Association of REALTORS/Multiple Listing Service from (date to date) and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. DRE00902158