By MICHAEL EDLEN | Special to the Palisadian-Post
As of December 31, 2024, 45 single-family Palisades residences were listed in the Multiple Listing Service. This inventory level is 10% higher than last year’s December 31 available inventory.
A total of 226 homes were sold in the Palisades in 2024, which about the same as the number of homes sold in 2023. Median sale prices were down 16% from 2023, and the price per square foot was 3% lower. The median list price is currently $6,195,000, which is a 12% increase over last year at this time.
At the current rate of buying in the Palisades, overall there is less than a three-month level of inventory. Below the $5 million range, we have less than a two-month 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, four-and-a-half-bath home on Calle De Sevilla, which is being offered at $2,299,000. The highest-priced available property is a seven-bedroom, 11-bathroom on Casale Road listed at $49.95 million.
The most affordable area in 2024 was the Lower Marquez/Bel-Air Bay Club neighborhood with a median price of $3,093,500. The Riviera had the highest median sales price ($9.5 million) with Huntington Palisades a close second having a median sales price of $9,085,000. The Riviera and Upper Marquez/Bienveneda neighborhoods currently have the largest number of homes (eight and six, respectively) for sale in the Palisades.
The lowest sale price for the fourth quarter of 2024 was on Chalet Terrace ($1,395,000). The highest sale ($32.3 million) was on Chautauqua Boulevard.
As of December 31, there were 13 condominiums/townhouses on the market, which is a 62% increase from the end of 2023. They range from a two-bedroom, one-and-a-half-bath on Sunset being offered at $950,000 to a two-bedroom, two-and-a-half-bath on Palisades Avenue for $1,296,000
Sixty-five condominiums were sold in the Palisades in 2024 (6% fewer than 2023), ranging from a one-bedroom, one-bath on Sunset, which sold for $500,000, to a three-bedroom, three-bath on Palisades Drive, which sold for $2,824,000. The median sales price for condos at the end of the fourth quarter was $1,399,000, which is 7% lower than at the end of 2023’s fourth quarter.
There are currently 64 available leases (28% lower than last year) in the Palisades, starting at $2,990 per month for a one-bedroom, one-bath unit on Chautauqua Boulevard and asking as high as $450,000 per month for a furnished six-bedroom, 18-bath house on San Onofre in the Riviera.
There were 300 Palisades leases done in 2024 (a 14% increase over 2023), ranging from a guesthouse on Glenhaven, which leased for $2,200 per month, to a six-bedroom, eight-bath home on Amalfi Drive, which leased for $80,000 per month. The current median price for homes leased in 2024 was $11,400 per month—up 14% over 2023.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 38 years.