Palisades Monthly Update: ‘Astounding’ Increase of Homes in Escrow

By MICHAEL EDLEN | Special to the Palisadian-Post

As of October 31, there were 106 single-family Palisades residences listed in the Multiple Listing Service, which is 2% higher than the available inventory this time last year. So far this year 198 Palisades homes have sold, which is 14% higher than last year at this time. There are now 35 homes in escrow in the Palisades, which is an astounding 40% increase over this time last year.

The average sale price per square foot has increased by 2% as compared with the same period in 2019 and is now at $1,172 per square foot. Median sale prices are currently $3,297,500, compared to $3,055,000 one year ago—an 8% increase.

The lowest-priced available home is a two-bedroom, two-bath on Mount Holyoke at $1.65 million. The highest-priced property is an eight-bedroom, 14-bath home on Corona Del Mar asking $34 million.

The lowest sale price so far this year was a three-bedroom, two-bath on Sunset, which sold for $1,495,000. The highest sale so far this year is a nine-bedroom, 12-bath new construction sale on Chautauqua, which sold for $24 million.

There are 32 condominiums/townhouses on the market. They range from one-bedroom, one-bath on Sunset (Edgewater Towers) offered at $639,000 to a five-bedroom, five-and-a-half-bath unit on Tramonto for nearly $5 million.

Eight condos are currently in escrow. There have been 56 condo sales so far this year, ranging from $605,000 for a one-bedroom, one-bath condo on Sunset to $3.5 million for a two-bedroom, three-bath unit on Sunset in the Rockwell Building. The median condo sale price is currently $1.15 million, which is a 2% increase over this time last year.

There are currently five pieces of raw land available, ranging from nearly two acres on Calle Bellevista, being offered at $799,000, to $12 million for nearly one acre on Sunset. There are two lots pending, and there have been four sales so far this year.

There are currently 62 available leases in the Palisades, down 20% from this time last year. They range from a two-bedroom, one-bath unit on Michael asking $2,750 per month to a six-bedroom, 18-bath home on San Onofre asking $350,000 per month.

There have been 198 leases so far this year, which is a 7% decrease. The highest lease so far this year was a six-bedroom, six-bath on Corona Del Mar for $90,000 per month and the lowest was $3,200 per month for a one-bedroom, one-bath unit on Sunset. The median was $8,975 per month.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 34 years.