550 Spoleto, Palisades at curb appeal

Palisades Starter Homes Over $2 Million Now: Palisades Monthly Update (1/1/21 – 4/30/21)

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As of April 30th, there were 75 single-family Palisades residences listed in the Multiple Listing Service (M.L.S.), which is 1% lower than at the start of May 2020.

Table of Contents

Year# SoldMedian Sales $$/SqftAvg DOM# Active
2021130$3.672M11965875
202049$3.257M11596976
(January 1st – April 30th)

Single Family Homes

So far this year 130 Palisades homes have sold, which is 165% higher this time last year, and there are 47 homes in escrow. The median sale price ($3,672,500) is up by 13% over last year, and the average price per square foot ($1,196) is also up by ▲3% over this time last year.

The lowest-priced available home is a 3-bedroom, 3-bath on Enchanted Way at $2,499,000. The highest-priced property is a 6-bedroom, 10-bath on Lucca, asking $23,995,000.

The lowest sale price so far this year was a 2-bedroom, 2-bath on Sunset, which sold for $1,470,000. The highest sale so far this year was an 8-bedroom, 14-bathroom home on Corona Del Mar, which was being marketed at $34 million and ultimately sold for $25,150,000 (a 35% decrease).

# of Sales▲165% Higher
Median Sale Prices▲13% Higher
$/Sqft▲3% Higher
Average DOM▼16% Shorter
Active Inventory▼1% Lower
Statistics based upon M.L.S. records of Palisades single-family residences only (Including Sunset Mesa)

Condos

There are now 21 condominiums/townhouses on the market and 19 are currently in escrow. There have been 29 condo sales so far this year, ranging from a 1-bedroom, 1-bathroom on Sunset for $673,000 to a newly-built 3-bedroom, 4-bathroom unit on Tramonto Drive for $5,300,000. The median condo sales price so far this year is $1,342,500, which is up ▲25% from this time last year (partly due to the high-end sales of the new One Coast development on Tramonto Drive).

Land

There are currently four pieces of raw land available, ranging from 1 acre in the Highlands on Palisades Court being offered at $779,000 to two lots on Castellammare (each under 5,000 sq ft) being offered at $885,000 each. There are two lots in escrow, and there have been no land sales so far this year.

Leases

There are currently 63 available leases in the Palisades, down from 83 a year ago (a ▼24% drop)! They range from a 1-bedroom, 2-bath condo on Tramonto asking $3,499 per month, to a 9-bedroom, 11-bath home on Sunset Blvd asking $100,000 per month. There have been 67 leases so far this year, up ▲109% from this time last year. The highest lease so far this year was a 6-bedroom, 8-bath new home on Amalfi Drive for $70,000 per month, and the lowest was $1,895 per month for a 1-bedroom, 1-bathroom unit on Sunset, and the median was $7,750 per month – down ▼11% from this time last year.

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