Single Family Homes
As of June 30th, 2022, 39 single-family Palisades residences were listed in the Multiple Listing Service (M.L.S.). The current level of inventory is 58% lower than last year’s June 30th available inventory. A total of 126 homes were sold in the Palisades in the first half of 2022, which is a 36% decrease from 2021’s first half of the year. Median sale prices ($4,500,000) were up 21% from 2021’s first half. The median list price is currently $6,499,000 – 13% higher than this time last year. There are currently 24 escrows open in the Palisades, which is 51% lower than the end of the second quarter last year.
|Year||# Sold||Median $||$/Sqft||Avg DOM||# Active|
The lowest-priced residence available is a 3-bedroom, 4-bath home on Alcima, which is being offered at $2,650,000. The highest-priced available property continues to be a 7-bedroom, 12-bathroom on Amalfi Dr, which is listed at $46,500,000.
The most affordable areas so far in 2022 are the El Medio Bluffs and the Highlands neighborhoods. The Upper Bienveneda/Marquez area currently has the largest number of homes for sale in the Palisades.
The lowest sale price for the second quarter of 2022 was on Lucero ($1,025,000). The highest sale ($51,000,000) so far this year was on San Remo.
|Number of Sales||36% ▼|
|Median Sale Prices||21% ▲|
|Price per Square Foot||24% ▲|
|Average Days On Market||n/a|
|Active Inventory||58% ▼|
There are 23 condominiums/townhouses on the market, which is 53% more than what was available at the end of the first half in 2021. They range from a 2-bedroom, 2-bath on Sunset being offered at $875,000, to a 3-bedroom, 3.5-bath that is new construction on Tramonto for $4,650,000. Forty-four condominiums were sold in the Palisades since the start of the year (a 20% decrease from last year), ranging from a 1-bedroom, 1-bath on Sunset, which sold for $629,000, to a 5-bedroom, 5.5-bath on Tramonto, which sold for $5,250,000. The median sales price for condos at the end of the first half was $1,767,000, which is up 36% over 2021 first-half median sales prices.
There are currently 5 pieces of raw land available, ranging from $1,289,000 for a 3,700 sq ft lot on Castellammare to $19,500,000 for a 27,000 sq ft lot in the Highlands. Two lots on Revello have sold so far this year.
There are currently 60 available leases in the Palisades (a 39% increase over the first half of 2022), starting at $3,795/month for a 2-bedroom, 2-bath unit on Sunset Blvd and asking as high as $75,000 per month for an 8-bedroom, 10-bath house on Spoleto in the Riviera. There were 109 Palisades leases done in the first half of 2022 (a 22% decrease from last year’s first half), ranging from a studio on Glenhaven, which leased for $2,150/month, to a 6-bedroom, 8-bath on Berea, which leased for $60,000/month. The current median lease price is approximately $11,500/month.