Palisades Housing Market Update 10/20/10

As of today there are 149 homes for sale in the general Palisades market area, which is slightly lower then last year at the same time.  At the current rate of sales per month, there is now approximately seven-month inventory of homes for sale, which reflects the market which is almost in balance between buyers and sellers.

There are 38 homes in escrow, with a median list price of $2,200,000 and there have been approx 200 sales so far this year with a median price of $1,950,000. (Which is about 5% lower then last year at this time)

There have been several cases of multiple offers in the past month.  For example, about seven of the current escrows involve multiple offers! (Which is close to 20% of those in escrow)

The Palisades’ areas with the greatest number of sales so far this year are the Highlands, El Medio to Marquez area, and the Alphabet Streets.  Prices have ranged this year so far from $635,000 to $26,000,000!

The above summary verifies that the Pacific Palisades remains robust in homes sales, and decidedly is a market that could be moving up at any time in the near future.