As of October 31st, there were 106 single-family Palisades residences listed in the Multiple Listing Service (M.L.S.), which is ▲2% higher than the available inventory this time last year.
The third quarter Palisades sales this year were the lowest we have had in 11 years for third quarters. The number of months of Palisades homes inventory is now up to a 6-month level, the highest in several years. These are all indicators that a market adjustment may have begun.
The average price per square foot ($1,156) is down by ▼2% over this time last year, and the median sale price ($3,355,500) is up by ▲9% now. These statistics indicate that the local market has already fully recovered from the pandemic period impacts.
Of course there are occasional situations where a home has been purchased at a great price. However, as many disappointed buyers will attest, at least as of the beginning of August, we are still in a “seller’s market”.
As of August 1st, there were 93 single-family Palisades residences listed in the Multiple Listing Service (M.L.S.), which is 15% lower than at the start of August 2019.
The year 2020 began with remarkable underlying strength that appeared to be unstoppable for at least several months. By the end of March, many people felt that there would be absolutely no real estate activity during the COVID 19 pandemic.
Inventory of homes in the Pacific Palisades was decreasing through may. Now, leasing inventory in the Pacific Palisades is growing through the Covid19 Lockdowns. Where does that leave us?
In this short period of time, our home has become our work place, our school, our church, our gym and our technological base for connection to our family, friends and the world.
©2021 The Edlen Team / Coldwell Banker, 15101 Sunset Boulevard, Pacific Palisades, CA 90272 / CalRE 00902158
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