January 1, 2021 – December 31, 2021
By MICHAEL EDLEN | Special to the Palisadian Post
As of December 31, 2021, 29 single-family Pacific Palisades residences were listed in the Multiple Listing Service. This inventory level is 61% lower than last year’s December 31 available inventory. A total of 380 homes were sold in the Palisades through the fourth quarter of 2021, which is 49% higher than this time last year. Median sale prices were up 20% over 2020’s fourth quarter, and the price per square foot was 8% higher. The median list price is currently $7,995,000, which is a 34% increase over last year at this time.
At the current rate of buying in the Palisades, overall, there is less than a one-month level of inventory. Below the $5 million range, we have less than one week inventory available as of January 1. As a reminder, the market will not be in relative balance between buyers and sellers until that level reaches five months.
The lowest-priced residence available is a four-bedroom, three-bath home on Sunset Blvd, which is being offered at $2,349,000. The highest-priced available property is a seven-bedroom, 12-bathroom on Amalfi Drive listed at $46,500,000.
The most affordable area in 2021 was the Highlands, with a median price of $2,697,000. The Riviera had the highest median average sales price. The Riviera currently has the largest number of homes for sale in the Palisades, which is still relatively low at this time.
The lowest sale price for the fourth quarter of 2021 was on Lucero ($1,025,000). The highest sale ($25,500,000) so far this year was on Rustic Lane.
As of December 31, there were 15 condominiums/townhouses on the market, which is a 37% drop from the end of 2020. They range from a two-bedroom, two-bath on Sunset being offered at $825,000, to a three-bedroom, three-and-a-half-bath on Tramonto for $5,950,000. 101 condominiums were sold in the Palisades in 2021, ranging from a one-bedroom, one-bath on Sunset, which sold for $625,500, to a three-bedroom, three-and-a-half-bath on Tramonto, which sold for $5,300,000. The median sales price for condos at the end of the fourth quarter was $1,335,000, which is 16% higher than at the end of 2020’s fourth quarter
There are currently 36 available leases (38% lower than last year) in the Palisades, starting at $2,648/month for a one-bedroom, one-bath unit on Sunset, and asking as high as $85,000 a month for a six-bedroom, six-bath house on Berea Place. There were 259 Palisades leases done through the fourth quarter of 2021 (up 16% over last year), ranging from a one-bedroom, one-bathroom condo on Sunset, which leased for $1,895 a month, to a seven-bedroom, 10-bath home on Amalfi, which leased for $75,000 a month. The current median price for leased homes is $9,500 a month.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 36 years.
This page is available to subscribers. Click here to sign in or get access.
