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🏡 December 2023 Luxury Real Estate Market Update & Trends for Pacific Palisades, CA 🌟

🏡 December 2023 Luxury Real Estate Market Update & Trends for Pacific Palisades, CA 🌟

By Christophe Choo Posted Jan 24, 2024 Latest Updates, Market Activity, Real Estate Advice for Buyers & Sellers, Videos

🏡 December 2023 Luxury Real Estate Market Update & Trends for Pacific Palisades, CA 🌟

🔻 Avg Sales Price: $4.17 million, 📉 down 33%.

🔼 Avg List Price $7.76 million, 📈 UP 2%

🔻 Properties Sold: 13 , 📉 down 11%.

🔼 Days on Market: 51 📆, 📈 UP 38%

🔻 $/Sq FT: $1,397, 📉 down 12%.

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As the year drew to a close, the real estate market in Pacific Palisades, a coveted enclave of Los Angeles, presented a fascinating tapestry of trends. Renowned for its unique blend of a laid-back, country atmosphere with the allure of ocean proximity, Pacific Palisades is an area that has always captivated those seeking the best of both worlds.

The December Dynamics December 2023 saw some intriguing movements in the Pacific Palisades real estate market. The average sales price stood at $4.17 million, experiencing a significant 33% dip from the preceding quarter. This adjustment reflects a market that's as dynamic as the Pacific tides, offering new opportunities for discerning buyers.

In contrast, the average list price showed an uptick, rising by about 2% to $7.76 million. This increase in list price signals a market confident in its value, buoyed by the area's desirability and unique offerings.

Sales and Market Time The number of properties sold in December was 13, marking an 11% decrease. This slight slowdown in sales is typical of the winter season but does not detract from the area's appeal. The average days on the market for these homes was 51, up by 38%. This increase in market time provides potential buyers with more time to make thoughtful decisions in a normally fast-paced market.

The Price Per Square Foot The price per square foot stood at $1,397, down by 12%. While this indicates a slight decrease, it still underscores the premium value of real estate in this area, renowned for its breathtaking views and prime location.

Pacific Palisades: A Coveted Community Nestled between the hustle of Santa Monica and the laid-back vibe of Malibu, Pacific Palisades offers a serene, country-like atmosphere, closer to the ocean than its counterparts. The area is particularly famous for its hillside homes that offer stunning views of the Queen's Necklace – a panoramic vista stretching from Malibu to Santa Monica and beyond.

Conclusion Pacific Palisades remains one of the most sought-after communities on the Westside of LA. Whether you're dreaming of a home with majestic ocean views or a tranquil retreat nestled in the hills, Pacific Palisades offers a unique real estate opportunity in a market rich with potential.

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