Still a Good Time for Sellers
As of January 31st, there were 75 single-family Palisades residences listed in the Multiple Listing Service (M.L.S.), which is ▼8% lower than this time last year.
The average sale price per square foot has decreased by ▼11% as compared with the same period in 2020 and is now at $1,117 per square foot. Median sale prices are currently $2,950,000.
|Year||Sales||Median Sale Price||$ / SqFt||Avg DOM||# Active as of Jan 31|
(January 1st – January 31st)
The lowest-priced available home is a 2-bedroom, 2-bath on Palmera at $1,925,000. The highest-priced property is an 8-bedroom, 14-bath on Corona De Mar, asking $34 million. The median asking price for Pacific Palisades is now at an all-time high of $5,250,000.
The lowest sale price so far this year was a 4-bedroom, 4-bath on Calle De Catalina, which sold for $1,985,770. The highest sale so far this year was a 7-bedroom, 6-bath on Rivas Canyon Road, which sold for $10,557,516.
|Number of Sales||▲112 % higher|
|Price per Square Foot||▼11 % lower|
|Average Days On Market||▲19 % longer|
|Active Inventory||▼8 % lower|
Condos & Townhomes
There are 19 condominiums/townhouses on the market now. They range from a 1-bedroom, 1-bath in the Edgewater Towers on Sunset Blvd. offered at $629,900, to a newly-built 5-bedroom, 6-bath condo on Tramonto offered at $5,850,000. Thirteen condos are currently in escrow. There have been 5 condo sales so far this year, ranging from a 3-bedroom, 3-bath on Palisades Circle, which sold for $977,500 to a 3-bedroom, 4-bath unit in the new development on Tramonto, which sold for $5,200,000. The median condo sale price is currently $1,090,000, which is a 9% increase.
There are currently five pieces of raw land available, ranging from nearly two acres on Calle Bellavista, being offered at $799,000 to $2,600,000 for a hillside lot just under 15,000 square feet on Revello. So far this year, no lots have sold.
There are currently 58 available leases in the Palisades. They range from a 1-bedroom, 1-bath unit on Sunset asking $3,500 per month, to a 5-bedroom, 6-bath home on Corona Del Mar asking $75,000 per month. There have been 10 leases so far this year (the same as at the start of 2020).
The highest lease so far this year was a 6-bedroom, 9-bath on Amalfi Drive, which leases for $55,000 per month. The lowest was $5,200 per month for a 2-bedroom, 3-bath on Palisades Circle, and the median was $7,400 per month.