Median Single-Family Residence Sale Price Up 18 Percent

By MICHAEL EDLEN | Special to the Palisadian-Post

As of Sept. 1, there were 62 single-family Pacific Palisades residences listed in the Multiple Listing Service, which is 25 percent lower than at the start of September 2016. So far this year, 184 Palisades homes have sold—the same as last year—and there are now 34 homes in escrow in the Palisades.

The average price per square foot ($1,139) is up by 10 percent over this time last year, and the median sale price ($3.179 million) is up by a considerable 18 percent now. Low inventory continues to be the strongest driving force behind the increased market performance.

The lowest-priced available home is a three-bedroom, three-bath on Sunset at $1.595 million. The highest-priced property is a seven-bedroom, 13-bath on San Remo, asking $38 million.

The lowest sale price so far this year was a two-bedroom, one-bath on Radcliffe, which sold for $1.5 million. The highest sale so far this year was an exquisite new home on Casale in The Riviera, which sold privately for $32.5 million.

There are now seven condominiums/townhouses on the market. They range from a one-bedroom, one-bath on Sunset, offered at $570,000, to a four-bedroom, four-bath penthouse on Sunset for $1.675 million.

Ten condos are currently in escrow. There have been 49 condo sales so far this year. The lowest was a one-bedroom, one-bath on Sunset, which sold for $540,000, and the highest was a three-bedroom, three-bath townhome in Sea Ridge on Palisades Drive, which sold for $1.65 million. The median condo sales price is $1.13 million, which has increased by an amazing 27 percent from this time last year.

There are currently 14 pieces of raw land available, ranging from a 3,700-square-foot lot on Posetano, being offered at $175,000, to $5.95 million for several acres on Via Santa Ynez. Two lots have sold this year.

There are now 61 available leases in the Palisades. They range from a two-bedroom, three-bath on Palisades Circle, asking $4,400 per month, to a five-bedroom, six-bath home on Posetano, asking $100,000 per month.

There have been 173 leases so far this year. The highest lease was a five-bedroom, seven-bath on San Remo for $85,000 per month and the lowest was $2,850 per month for a one-bedroom, one-bath on Sunset. The median was $7,950 per month. This is eight percent higher than the median lease price at this time last year.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 31 years.