An Astounding Year for Real Estate
As of February 28th, there were 74 single-family Palisades residences listed in the Multiple Listing Service (M.L.S.), which is a ▼13% decrease from this time last year. So far this year 50 Palisades homes have sold, which is ▲163% more than last year’s first 2 months. There are currently 49 Palisades homes in escrow – a ▲29% increase.
The median sale price per square foot has slightly increased (by 1 percent) as compared with the same period in 2020 and is now at $1,196 per square foot. Median sale prices have jumped by ▲26% and are currently $3,467,500, as compared to $2,750,000 a year ago.
|Year||Sales||Median Sale Price||$ / SqFt||Avg DOM||# Active as of Jan 31|
(January 1st – February 28th)
The lowest-priced available home is a 2-bedroom, 2-bathroom on Revello asking $1,795,000. The highest-priced property is a 7-bedroom, 13-bath on Altata in the Huntington, asking $25,000,000. The median list price for Pacific Palisades is now $5,467,500 versus $4,900,000 at this time last year.
The lowest sale price so far this year was a 2-bedroom, 2-bath on Sunset Blvd, which sold for $1,470,000. The highest sale so far this year was a 6-bedroom, 9-bath on Amalfi in the Riviera, which sold for $13,700,000.
|Number of Sales||▲168 % higher|
|Median Sales Price||▲26 % higher|
|Price per Square Foot||▲1 % higher|
|Average Days On Market||▲11 % longer|
|Active Inventory||▼13 % lower|
Condos & Townhomes
There are 22 Palisades condominiums/townhouses on the market now, which is an increase of ▲83% over this time last year. They range from 1-bedroom, 1-bath in the Edgewater Towers on Sunset Blvd. offered at $599,000, to a newly-built 5-bedroom, 6-bath condo on Tramonto offered at $5,850,000. Twelve condos are currently in escrow. There have been 10 condo sales so far this year, ranging from a 2-bedroom, 2-bath on Sunset Blvd, which sold for $920,000 to a 3-bedroom, 4-bath unit on Tramonto, which sold for $5,200,000. The median condo sales price is $1,245,000, which is up nearly ▲12% from the start of 2020.
Lots and Leases
There are currently 2 pieces of raw land available, ranging from a 13,000 square foot sloped lot off Oracle, being offered at $848,000 to $2,600,000 for a 15,000 square foot sloped lot on Revello. So far this year, no land has sold and one lot on Castellammare continues to be in escrow for more than seven months.
There are currently 60 available leases in the Palisades, which is the same as this time last year. They range from a 220 square foot unit with 1-bath on Las Lomas asking $1,900 per month, to a 6-bedroom, 8-bath home on Amalfi Drive asking $70,000 per month. There have been 27 leases so far this year – a ▲23% increase over this period last year. The highest lease so far this year was a 6-bedroom, 9-bath on Amalfi Drive, which leased for $55,000 per month. The lowest was $4,500 per month for a 2-bedroom, 3-bath unit on Sunset Blvd, and the median leased price was $7,495 per month, down ▼14% from this time last year.