As of April 30, there were 74 single-family Palisades residences listed in the Multiple Listing Service (M.L.S.), which is 14 percent lower than this time last year.
So far this year 86 Palisades homes have sold, and there are now 51 homes in escrow in the Palisades.
The average sale price per square foot has increased by 2 percent as compared with the same period in 2013, and is now at $856 per square foot.
Median sale prices are currently $2,475,000, compared to $2,267,500 a year ago.
Two factors contributing to this 9 percent increase is that a year ago there were a higher number of smaller homes and investor purchases being made, whereas this January there were more larger and recently-built homes being purchased.
The lowest-priced available home is a 2-bedroom, 1-bath on Bienveneda Avenue at $995,000.
The highest-priced property is a 3-bedroom, 2-bath on over 30 acres off Pacific Coast Highway, asking $19 million.
The lowest sale price so far this year was a 2-bedroom, 1-bath on Sunset Blvd., which sold for $825,000. The highest sale so far this year was a 7-bedroom, 8-bath on San Remo in the Riviera, which sold for over $14 million.
There are nine condominiums/townhouses on the market. They range from a 1-bedroom, 1-bath in the Edgewater Towers on Sunset Blvd. offered at $469,000, to a 3-bedroom, 3-bath condo in the Edgewater Towers on Sunset Blvd for $1,250,000. Seven condos are currently in escrow.
There have been 21 condo sales so far this year, ranging from $482,500 for a 1-bedroom, 1-bath condo at the Edgewater Towers, to $2,520,000 for a 3-bedroom, 4-bath unit in the Rockwell Building on Sunset.
The median condo sales price is $825,000, which is up 8 percent from this time last year.
There are currently 12 pieces of raw land available, ranging from a 3,788 square-foot lot on Castellammare being offered at $245,999 to $14,900,000 for approximately two acres on Corona Del Mar, which has been on the market for 1,451 days.
There are no pending sales, and one lot on Revello that has sold so far this year.
There are currently 38 available leases in the Palisades. They range from a 1-bedroom, 1-bath unit on Marquez Avenue asking $3,100 per month, to a 6-bedroom, 5-bath home on Cumbre Verde Court asking $49,000 per month. There have been 69 leases so far this year.
The highest lease so far this year was a 5-bedroom, 7-bath on Frontera Drive for $35,000 per month.
The lowest was $2,200 per month for a 2-bedroom, 2-bath on Sunset, and the median was $6,500 per month.
For the past 28 years Michael Edlen has tracked local statistics and trends, and provides real estate counseling services to prospective buyers and sellers. More tips and information are available at MichaelEdlen.com. He can be reached at 310.230.7373 or michael@michaeledlen.com.
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