Fewer Sales at Slightly Lower Prices

By MICHAEL EDLEN | Special to the Palisadian-Post

A s of October 31, there were 72 single-family Palisades residences listed in the Multiple Listing Service, which is 6% higher than the available inventory this time last year. So far this year 185 Palisades homes have sold, which is 5% lower than last year at this time. There are now 25 homes in escrow in the Palisades.

The average sale price per square foot has decreased by 8% as compared with the same period in 2023 and is now at $1,500 per square foot. Median sale prices are currently $3,715,000, compared to $4.5 million a year ago—a 17% decrease.

The lowest-priced available home is a three-bedroom, two-bath on Michael Lane at $2,295,000. The highest-priced property is a seven-bedroom, 11-bath home on Casale Road asking $49.95 million.

The lowest sale price so far this year was a three-bedroom, three-bath on Chalet Terrace, which sold for $1,395,000. The highest sale so far this year is a six-bedroom, 12-bath on Chautauqua, which sold for $32.3 million

There are 17 condominiums/townhouses on the market—a 24% decrease. They range from one-bedroom, one-bath on Sunset (Edgewater Towers) offered at $605,000 to a five-bedroom, five-and-a-half-bath unit on Tramonto Drive offered at $4,599,000. Six condos are currently in escrow.

There have been 54 condo sales so far this year, ranging from $539,000 for a one-bedroom, one-bath condo on Sunset to $2.5 million for a two-bedroom, three-bath unit on Sunset Boulevard. The median condo sale price is currently $1,367,000, which is a 10% decrease over this time last year.

There are currently seven pieces of raw land available ranging from $650,000 for a 3,703-square-foot lot on Castellammare to $7,995,000 for approximately one and a half acres on Marquette. Only one lot has sold in the Palisades this year.

There are currently 79 available leases in the Palisades, down 27% from this time last year. They range from a guesthouse studio on Glenhaven asking $2,200 per month to a six-bedroom, 18-bath home on San Onofre asking $450,000 per month.

There have been 259 leases so far this year, which is a 12% increase over last year. The highest lease so far this year was a six-bedroom, eight-bath on Amalfi Drive for $80,000 per month and the lowest was $2,300 per month for a one-bedroom, one-bathroom unit on Sunset Boulevard. The median was $11,900 per month.

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