The Market in a Nutshell: Fewer Sales, at Lower Prices; More Leases, at Higher Prices

By MICHAEL EDLEN | Special to the Palisadian-Post

As of July 31, there were 72 single-family Palisades residences listed in the Multiple Listing Service, which is 14% lower than this time last year. So far this year 127 Palisades homes have sold, which is 5% fewer sales than last year’s first seven months. There are currently 22 Palisades homes in escrow.

The median sale price per square foot has fallen by 5% as compared with the same period in 2023 and is now at $1,492 per square foot. The median sales price has decreased by 16% and is currently $3.75 million, as compared to $4.45 million a year ago.

Sales in the beginning of 2023 were unusually strong due to the interest rates being at near-historic low levels at that time. As a result, homes were selling for far more than was feasible during the same period this year, with interest rates about doubled.

The lowest-priced available home is a three-bedroom, two-bathroom on Sunset Boulevard asking $1,895,000. The highest-priced property is a seven-bedroom, 11-bath on Casale Road, asking $49.95 million. The median list price for Pacific Palisades is now $5.89 million.

The lowest sale price so far this year was a three-bedroom, three-bathroom on Chalet Terrace, which sold for $1,395,000. The highest sale so far this year was a six-bedroom, 12-bathroom on Chautauqua, which sold for just over $32 million.

There are 17 Palisades condominiums/townhouses on the market now, which is a 15% decrease in the level of inventory from this time last year. They range from a two-bedroom, two-bathroom on Sunset Boulevard offered at $1,349,000 to a two-bedroom, two-bathroom condo on Haverford offered at $1,949,000.

Five condos are currently in escrow. There have been 39 condo sales so far this year, ranging from a one-bedroom, one-bathroom on Sunset Boulevard, which sold for $500,000, to a two-bedroom, three-bathroom unit on Sunset, which sold for $2.5 million. The current median sale price is $1,355,000, which is an 11% drop from last year.

There are currently eight pieces of raw land available, ranging from a 3,703-square-foot lot on Castellammare being offered at $699,000 to $14,995,000 for approximately six acres off Casale Road in the Riviera. So far this year, one lot sold—nearly two acres off Via Santa Ynez, which sold at a 40% discount for $550,000.

There are currently 73 available leases in the Palisades, which is a 29% decrease from this time last year. They range from a one-bedroom, one-bathroom on Sunset asking $2,650 per month to an eight-bedroom, 11-bathroom home on DePauw asking $98,000 per month.

There have been 179 units or homes leased so far this year—11% higher as this period last year. The highest lease so far this year was a four-bedroom, seven-bathroom on Toulon, which leased for $65,000 per month. The lowest was $2,700 per month for a two-bedroom, two-bathroom unit on Sunset Boulevard, and the median leased price was $11,600 per month, up 16% from this time last year.

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