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Remarkably Resilient Real Estate Market (1/1/20 – 7/31/20)

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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.

Table of Contents

2020 Keeps Moving Along

So far this year 104 Palisades homes have sold, which is 6% lower than last year. However, there are now 41 homes in escrow in the Palisades as opposed to 28 at this time last year, a 46% increase this year.

Number of Sales6 % lower
Median Sale Prices11 % higher
Price per Square Foot3 % lower
Average Days On Market9 % shorter
Active Inventory15 % lower

The average price per square foot ($1,153) is just 3% lower than this time last year, and the median sale price ($3,337,500) is up by 11% now. 

Single-Family Homes

The lowest-priced available home is a 3-bedroom, 2-bath on Sunset at $1,695,000. The highest-priced property is a 7-bedroom, 9-bath on Corona Del Mar, asking $20,000,000.

The lowest sale price so far this year was a 3-bedroom, 2-bath on Sunset, which sold for $1,550,000. The highest sale so far this year was a 9-bedroom, 12-bathroom on Chautatuqua, which sold for $24,000,000.

Condos & Townhomes

There are now 28 condominiums/townhouses on the market (four of which are under construction). They range from 1-bedroom, 1-bath on Sunset offered at $639,000, to a not-yet-completed 4-bedroom, 3.5-bath unit on Tramonto asking $5,300,000. Seventeen condos are currently in escrow, which is a 112% increase from this time last year. There have been 32 condo sales so far this year, which is a 25% decrease over last year. The lowest was a 1-bedroom, 1-bath on Sunset, which sold for $605,000 and the highest was a 3-bedroom, 3-bath on Palisades, which sold for $1,919,000. The median condo sales price is $1,083,000, which has decreased by 8% from this time last year.

Year# SOLDMEDIAN SALES PRICE$/SQFTAVG DOM
# ACTIVE AS OF July 31st
2020104$3.3375M$1,1534693
201911$3M$1,19251109

There are currently 7 pieces of raw land available, ranging from a 3,850 foot lot on Castellammare, being offered at $1,295,000 to $11,950,000 for six lots totaling approximately one acre on Sunset. Four lots have sold this year.

Leases & Rentals

There are now 73 available leases in the Palisades. They range from a 2-bedroom, 1-bath condo on Michael Lane asking $2,950 per month, to a 6-bedroom, 18-bath on San Onofre asking $350,000/month. There have been 118 leases so far this year. The highest lease so far this year was a 6-bedroom, 6-bath home on Corona Del Mar in the Huntington which leased for $90,000 per month, and the lowest was $3,200 per month for a 1-bedroom, 1-bath om Sunset. The median was $8,975 per month, which is slightly up from this time last year. 

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 34 years.

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