Coldwell Banker: Pacific Palisades Market Update
Summer and early fall in the Pacific Palisades were marked by a slight slow down in market activity. Multiple offers decreased and, while sales and listings were and are still robust, the buyers are no longer eager to jump in the ring with 20 competitors.
The median price for homes here actually dipped slightly in the last quarter but has really increased steadily over the past 5 years. Inventory is down significantly this quarter from 95 homes in March to 75 in October so prices may still climb through the holiday season. Sales are very often cash transactions with short contingency periods and short escrows. There is a great demand for teardown properties as builders/developers are eager to get back to business.
The median sales price for homes in Pacific Palisades CA for Jul 14 to Oct 14 was $2,150,250. This represents a decline of 0.7%, or $14,750, compared to the prior quarter and an increase of 3.6% compared to the prior year. Sales prices have appreciated 59.5% over the last 5 years in Pacific Palisades. The average listing price for Pacific Palisades homes for sale was $2,997,500 for the week ending Oct 1. The average price per square foot for Pacific Palisades CA was $928, an increase of 19.6% compared to the same period last year.
By: Anne Russell
