As we began the third quarter on July 1, 86 single-family Pacific Palisades residences were listed in the Multiple Listing Service. The current level of inventory is 20 percent lower than the available inventory this time last year.
A total of 153 homes have sold in the Palisades so far this year, compared to 124 a year ago. Median sale prices were up by 17 percent from 2012’s first half. The median list price is at $2,912,500, the same as it was last July 1. There are currently 47 escrows open here.
The lowest-priced residence available is a 2-bedroom, 2.5-bath home on Las Casas Avenue, offered at $1,075,000. The highest-priced available property is a 3-bedroom, 2-bath house on Pacific Coast Highway listed at $19,000,000. This 30-acre estate has been on the market for nearly three years.
The most affordable area so far in 2013 is the Paseo Miramar/ Castellammare area with a median price of $1,595,000. The Riviera, Huntington and Rustic Canyon areas had the highest median average sales prices, over $15 million on average. The Highlands, Riviera and Alphabets areas currently have the largest number of homes for sale of all Palisades areas.
The lowest sale price this year has been $785,000 for a home on Sunset. The highest sale price in the M.L.S. was on San Remo ($17,500,000). As of June 30, there were no Palisades homes available in the M.L.S. under $1,000,000.
There are 18 condominiums/t ownhouses on the market, which is 14 percent fewer than a year ago. They range from a 1-bedroom, 1-bath in the Edgewater Towers on Sunset (offered at $352,000) to a 3-bedroom, 4-bath unit in a new building on Sunset, being offered at $3,850,000. Thirty condominiums have sold this year, ranging from a 2-bedroom, 2-bath on Sunset ($485,000) to a 2-bedroom, 3-bath unit on Haverford Drive ($1,150,000). The median sales price for condos at the end of the first half was $772,500, up three percent over mid-year 2012.
There are currently 19 pieces of raw land available, ranging from $99,900 for a 4,000-ft. sloped lot on Revello to $14,900,000 for ocean-view property on Corona Del Mar. Three lots are in escrow, and five pieces of land have sold so far this year.
There are currently 33 leases in the Palisades, starting at $1,500 for a 1-bedroom, 1-bath on PCH, and asking as high as $55,000 per month for an 7-bedroom, 7-bath house on Paseo Miramar. There were 121 Palisades leases done in the first half of 2013, ranging from a 1-bedroom, 1-bath on Castellammare ($1,900/month) to a 6-bedroom, 8-bath home on Via La Costa—a short-term lease for $62,500/month.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 27 years.
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