By MICHAEL EDLEN | Special to the Palisadian-Post
As of December 31, 2023, 41 single-family Palisades residences were listed in the Multiple Listing Service. This inventory level is 13% lower than 2022’s December 31 available inventory.
A total of 231 homes were sold in the Palisades in 2023, which is 18% lower than 2022. Median sale prices were down 3% from 2022, and the price per square foot was 5% lower. The median list price is currently $5.55 million, which is a 17% decrease 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 three-bedroom, three-bath home on Las Lomas, which is being offered at $2,095,000. The highest-priced available property is an eight-bedroom, 15-bathroom on Amalfi Drive listed at $39,995,000.
The most affordable area in 2023 was the Lower Marquez/Bel Air Bay Club neighborhood, with a median price of $2.4 million. The Riviera had the highest median average sales price ($10.5 million). The Riviera and South of Village neighborhoods currently have the largest number of homes (eight) for sale in the Palisades.
The lowest sale price for the fourth quarter of 2023 was on Avenida De La Herradura ($2 million). The highest sale ($24.95 million) in 2023 was on Capri.
As of December 31, there were eight condominiums/townhouses on the market, which is a 43% drop from the end of 2022. They ranged from a one-bedroom, one-bath on Sunset being offered at $585,000 to a two-bedroom, two-bath on Ocean Avenue for $1,795,000.
Sixty-seven condominiums were sold in the Palisades in 2023, ranging from a one-bedroom, one-bath on Sunset, which sold for $529,000, to a three-bedroom, three-bath on Palisades Drive, which sold for $2.73 million. The median sales price for condos at the end of the fourth quarter was $1.5 million, which is 11% lower than at the end of 2022’s fourth quarter because of several 2022 higher-end sales in the newly done One Coast development on Tramonto Drive.
There are currently 89 available leases (41% higher than last year) in the Palisades, starting at $2,700 per month for a two-bedroom, one-and-a-half-bath unit on Sunset and asking as high as $140,000 per month for a six-bedroom, 14-bath house on Pampas Ricas.
There were 262 Palisades leases done through the fourth quarter of 2023 (a 14% increase over last year), ranging from a studio apartment on Sunset, which leased for $2,600 per month, to an eight-bedroom, 11-bath home on Rivas Canyon Road, which leased for $85,000 per month. The current median price for leased homes is $10,000 per month, down 5% over the end of 2022.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 38 years.
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