Rate of Sales Slowing Down as Prices Continued to Increase

By MICHAEL EDLEN | Special to the Palisadian-Post

As of June 30, 39 single-family Palisades residences were listed in the Multiple Listing Service. The current level of inventory is 58% lower than last year’s June 30 available inventory.

A total of 126 homes were sold in the Palisades in the first half of 2022, which is a 36% decrease from 2021’s first half of the year. Median sale prices ($4.5 million) were up 21% from 2021’s first half.

The median list price is currently $6,499,000—13% higher than this time last year. There are currently 24 escrows open in the Palisades, which is 51% lower than the end of the second quarter last year.

The lowest-priced residence available is a three-bedroom, four-bath home on Alcima, which is being offered at $2.65 million. The highest-priced available property continues to be a seven-bedroom, 12-bathroom on Amalfi Drive, which is listed at $46.5 million.

The most affordable areas so far in 2022 are the El Medio Bluffs and the Highlands neighborhoods. The Upper Bienveneda/Marquez area currently has the largest number of homes for sale in the Palisades.

The lowest sale price for the second quarter of 2022 was on Lucero ($1,025,000). The highest sale ($51 million) so far this year was on San Remo.

There are 23 condominiums/townhouses on the market, which is 53% more than what was available at the end of the first half in 2021. They range from a two-bedroom, two-bath on Sunset being offered at $875,000 to a three-bedroom, three-and-a-half-bath that is new construction on Tramonto for $4.65 million.

Forty-four condominiums were sold in the Palisades since the start of the year (a 20% decrease from last year), ranging from a one-bedroom, one-bath on Sunset, which sold for $629,000, to a five-bedroom, five-and-a-half-bath on Tramonto, which sold for $5.25 million. The median sales price for condos at the end of the first half was $1,767,000, which is up 36% over 2021 first half median sales prices.

There are currently five pieces of raw land available, ranging from $1,289,000 for a 3,700-square-foot lot on Castellammare to $19.5 million for a 27,000-square-foot lot in the Highlands. Two lots on Revello have sold so far this year.

There are currently 60 available leases in the Palisades (a 39% increase over the first half of 2022), starting at $3,795 per month for a two-bedroom, two-bath unit on Sunset Boulevard and asking as high as $75,000 per month for an eight-bedroom, 10-bath house on Spoleto in the Riviera.

There were 109 Palisades leases done in the first half of 2022 (a 22% decrease from last year’s first half), ranging from a studio on Glenhaven, which leased for $2,150 per month, to a six-bedroom, eight-bath on Berea, which leased for $60,000 per month. The current median lease price is approximately $11,500 per month.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 36 years.