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Prices Still Strong, Despite Lower Number of Homes Being Sold (1/1/22 – 7/31/22)

As of August 1st, there were 44 single-family Palisades residences listed in the Multiple Listing Service (M.L.S.), which is 46% lower than at the start of August 2021.

Table of Contents

Single Family Homes

So far this year 145 Palisades homes have sold, which is a 38% decrease from this time last year. There are now 15 homes in escrow in the Palisades, which is also down considerably from a year ago.

# SoldMedian Sales Price$/SqFtAvg DOM# Active Listings
2022145$4.50M1,6264744
2021235$3.81M1,2565082
(January 1st – July 31st)

The current median sale price is The average price per square foot ($1,626) is 29% higher than this time last year. The lowest-priced available home is a 2-bedroom, 2-bath on Lachman Lane at $2,850,000. The highest-priced property is a 10-bedroom, 14-bath on Casale Road, asking for $57,500,000.

The lowest sale price so far this year was a 3-bedroom, 2-bath on Sunset, which sold for $1,849,000. The highest sale so far this year was an 8-bedroom, 14-bathroom on San Remo, which sold for $51,000,000.

Number of Sales38% ▼
Median Sale Prices18% ▲
Price per Square Foot29% ▲
Average Days On Market6% ▼
Active Inventory46% ▼
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, a 24% increase in inventory. They range from 1-bedroom, 1-bath on Sunset offered at $930,000, to a 3-bedroom, 3.5-bath unit on Tramonto asking $4,650,000. Fourteen condos are currently in escrow.

There have been 54 condo sales so far this year, which is a 13% increase over last year. The lowest was a 1-bedroom, 1-bath on Sunset, which sold for $629,000 and the highest was a 5-bedroom, 5.5-bath on Tramonto, which sold for $5,250,000. The median condo sales price is $1,767,500 which has increased by 34% from this time last year.

Leases

There are currently 8 pieces of raw land available, ranging from nearly two acres in the Highlands, being offered at $799,000 to $19,500,000 for approx. 27,000 sq ft also in the Highlands. Two lots have sold this year.

There are now 63 available leases in the Palisades, which is a 70% rise in inventory. They range from a 1-bedroom, 1-bath condo on Chautauqua asking $2,550 per month, to a 6-bedroom, 8-bath on Amalfi Drive asking $75,000/month. There have been 130 leases so far this year – 24% lower than this time last year. The highest lease so far this year was a 7-bedroom, 8-bath home on Spoleto which leased for $75,000 per month, and the lowest was $2,150 per month for a studio on Glenhaven. The median was $11,000 per month, which is up 19% from this time last year. 

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