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Palisades Leasing Market is Taking Front Stage Through May Covid 19 Lockdowns

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Inventory of homes in the Pacific Palisades was decreasing through may. Now, leasing inventory in the Pacific Palisades is growing through the Covid19 Lockdowns. Where does that leave us?

Table of Contents

Where Are We This Year So Far?

As of May 31st, there were 93 single-family Palisades residences listed in the Multiple Listing Service (M.L.S.), which is 11% lower than at the end of May 2019.

Number of Sales9%
Median Sale Prices4%
Price per Square Foot7%
Average Days On Market28%
Active Inventory11%

Statistics based upon M.L.S. records of Palisades single-family residences only
(Including Sunset Mesa)

So far this year 63 Palisades homes have sold (despite the coronavirus situation), which is 9% higher than this time last year. However, there are now only 17 homes in escrow in the Palisades, which is a 56% decrease over the same period last year, and only 3 of these entered escrow in May. 

Although the median sale price ($3,200,000) is up by 4% over this time last year, the average price per square foot ($1,112) is down by 7%. 

Year# SoldMedian Sales Price$/sqftAvg DOM# Active as of May 31st

Single-Family Homes

The lowest-priced available home is a 3-bedroom, 3-bath on Michael Lane at $1,949,000. The highest-priced property is a 7-bedroom, 12-bath on Paseo Miramar, asking $18,499,000.

The lowest sale price so far this year was a 4-bedroom, 4-bath on Mount Holyoke, which sold for $1,560,000. The highest sale so far this year was a 4-bedroom, 5-bath on Turquesa in the Marquez area, which sold for $12.3 million.

Condos & Townhomes

There are now 26 condominiums/townhouses on the market (including 4 not-yet-completed new units on Tramonto Drive). They range from 1-bedroom, 1-bath on Sunset offered at $649,000, to a 3-bedroom, 4-bath townhome on Tramonto for $5,300,000. Five condos are currently in escrow (including 2 of the Tramonto in-process units).

There have been 24 condo sales so far this year. The lowest was a 2-bedroom, 2-bath on Sunset, which sold for $795,000 and the highest was a 3-bedroom, 3-bath townhome on Palisades Drive, which sold for $1,919,000. The median condo sales price is $1,083,000, which is down 8% from this time last year. 

There are currently only seven pieces of raw land available, ranging from a 3,800 sq. ft. lot on Castellammare, being offered at $1,295,000 to $8,000,000 for three parcels totaling 64,000 sq ft on Marquette. Three lots have sold so far this year.

Where Does that Leave Leases?

There are currently 101 available leases, which is a 74% increase in the Palisades. They range from a 1-bedroom, 1-bath on Sunset asking $3,200 per month, to a 6-bedroom, 18-bath home on San Onofre asking $350,000 per month (that is not a typo).

There have been 50 leases so far this year down 51% from this period last year.  The highest lease so far this year was an 8-bedroom, 13-bath on Rivas Canyon for $60,000 per month, and the lowest was $3,300 per month for a 1-bedroom, 1-bath on Sunset. The median lease/sale price was $7,750 per month, which is slightly down from a year ago.

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