Taking Longer to Sell Fewer Homes at Lower Prices

By MICHAEL EDLEN | Special to the Palisadian Post

As of June 30, 84 single-family Palisades residences were listed in the Multiple Listing Service. The current level of inventory is 10% higher than last year’s June 30 available inventory.

A total of 104 homes were sold in the Palisades in the first half of 2024, which is a 13% decrease from 2023’s first half of the year. Median sale prices ($3,685,000) were down 20% from 2023’s first half.  The median list price is currently $6,095,000—8% higher than this time last year. There are currently 20 escrows open in the Palisades, which is 13% fewer than at the end of the second quarter last year.

The lowest-priced residence available is a three-bedroom, two-bath home on Sunset Boulevard, which is being offered at $1,895,000. The highest-priced available property is a seven-bedroom, 11-bathroom on Casale in the Riviera, which is listed at $49.95 million.

The most affordable areas so far in 2024 are the South of the Village and El Medio Bluffs neighborhoods.

The lowest sale price for the second quarter of 2024 was on Chalet Terrace ($1,395,000). The highest sale ($25,375,000) so far this year was on Sunset Boulevard.

There are 17 condominiums/townhouses on the market, which is 23% lower than what was available at the end of the first half in 2023. They range from a one-bedroom, one-bath on Sunset being offered at $790,000 to a three-bedroom, three-and-a-half-bath that is new construction on Tramonto for $2,999,000.

Thirty condominiums were sold in the Palisades since the start of the year (unchanged from last year), ranging from a one-bedroom, one-bath on Sunset, which sold for $500,000, to a two-bedroom, three-bath on Sunset, which sold for $2.5 million. The median sales price for condos at the end of the first half was $1,387,000, which is down 14% over 2023 first half median sales prices.

There are currently nine pieces of raw land available, ranging from $699,000 for a 3,703-square-foot lot on Castellammare to $14,995,000 for approximately  six acres off Casale. There has been one lot sold so far this year.

There are currently 75 available leases in the Palisades (a 20% decrease over the first half of 2023), starting at $2,450 per month for a one-bedroom, one-bathroom unit on Sunset Boulevard and asking as high as $98,000 per month for an eight-bedroom, 11-bath house on DePauw.

There were 156 Palisades leases done in the first half of 2024 (a 16% increase from last year’s first half), ranging from a two-bedroom, two-bathroom unit on Sunset Boulevard, which leased for $2,700 per month, to a four-bedroom, seven-bath on Toulon, which leased for $65,000 per month. The current median lease price is approximately $11,415 per month, which is a 14% bump from this time last year.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 38 years.