Neighborhood by Neighborhood: Volume Shrinks As Prices Continue Higher

Palisades Monthly Update, from January 1 through March 31

By MICHAEL EDLEN | Special to the Palisadian-Post

As of March 31, 35 single-family Pacific Palisades residences were listed in the Multiple Listing Service. The current level of inventory is 49% lower than last year’s March 31 available inventory. A total of 62 homes were sold in the Palisades in the first quarter of 2022, which is a 32% decrease from 2021. Median sale prices ($4,016,702) were up 11% from 2021’s first quarter. The median list price is currently $6,995,000, which is a 23% increase over the same period last year. There are currently 21 escrows open in the Palisades.

The lowest-priced residence available is a two-bedroom, two-bath home on Radcliffe, which is being offered at $2,395,000. The highest-priced available property is a 10-bedroom, 14-bathroom on San Remo in the Riviera, which is listed at $57,500,000.

The most affordable area so far in 2022 is the El Medio Bluffs. The Riviera currently has the largest number (7) of homes for sale in the Palisades.

The lowest sale price for the first quarter of 2022 was a three-bedroom, two-bathroom on Sunset ($1,849,000). The highest sale ($19.5 million) so far this year was eight-bedroom, 11-bathroom new construction on Las Lomas.

There are 14 condominiums/townhouses on the market, which is 42% fewer than what was available at the end of the first quarter in 2021. They range from a two-bedroom, one-bath on Sunset being offered at $699,000, to a new three-bedroom, four-bath on Tramonto for $4,500,000. Nineteen condominiums were sold in the Palisades since the start of the year, ranging from a two-bedroom, two-bath on Sunset, which sold for $798,000, to a five-bedroom, five-bath on Tramonto, which sold for $5,090,000. The median sales price for condos at the end of the first quarter was $1,350,000, which is down by just 2% over 2021 first quarter median sales prices.

There are currently seven pieces of raw land available, ranging from $395,000 for a 3,774 sq. ft. lot on Revello to $1,495,000 for 4,323 sq. ft. lot on Castellammare. There are two lots in escrow and no sales so far this year.

There are currently 41 available leases in the Palisades (a 32% decrease over the start of 2021), starting at $2,300/month for a one-bedroom, one-bath on Sunset and asking as high as $70,000 per month for a three-bedroom, four-bath house on Revello. There were 48 Palisades leases done in the first quarter of 2022 (a 17% increase from last year’s first quarter), ranging from a studio unit on Glenhaven, which leased for $2,150/month, to a three-bedroom, four-bath home on Revello, which leased for $50,000/month. The current median lease price is approximately $8,825/month (a 14% increase over last year at this time).

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 37 years.