🏡 June 2024 Luxury Real Estate Market Update & Trends for Pacific Palisades, CA 🌟
🏡 June 2024 Luxury Real Estate Market Update & Trends for Pacific Palisades, CA 🌟
🔼 Avg Sales Price: $6.75 million, 📈 UP 36%
🔻 Avg List Price $8.15 million, 📉 down 8%
🔻 Properties Sold: 13, 📉 down 13%
🔼 Days on Market: 43 📆,📈 UP 21%
🔻 $/Sq FT: $1,402,📉 down 6%
Unlock the hidden wealth in your Pacific Palisades property! 🗝️💼 Curious about your home equity 💰? Thinking of buying in the Pacific Palisades? 🏠🌴 Let's chat! Send a DM or call us at 📱 310-777-6342 for expert insights!
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Welcome to our June 2024 market update for the beautiful Pacific Palisades area! Nestled between the Santa Monica Mountains and the Pacific Ocean, Pacific Palisades offers a unique blend of serene canyon views and upscale beachside living. Whether you’re drawn to the tranquil hills or the scenic flatlands, this charming neighborhood promises a wonderful residential experience.
Market Overview
In June, the average sales price for homes in Pacific Palisades reached approximately $6.75 million, marking a significant 36% increase. Despite this rise, the average list price was down by about 8%, settling at over $8 million. This indicates a more competitive market where sellers might be adjusting prices to attract buyers.
Properties Sold and Market Time
The number of properties sold in June was 13, a decrease of around 30% compared to the previous 90 days. This dip in sales volume suggests a possible slowdown in market activity. However, the days on market (DOM) are around 43 days, which is down by about 21%. This means that while fewer properties are selling, those that do hit the market are moving relatively quickly.
Price Per Square Foot
The price per square foot remains high at $1,405, though this represents a 6% decrease. This metric highlights the premium nature of real estate in Pacific Palisades, maintaining its position as one of the most sought-after areas in Los Angeles.
Lifestyle and Community
Pacific Palisades offers an upscale coastal lifestyle with a laid-back vibe. The community is known for its stunning ocean views and rustic canyon settings, providing residents with a tranquil yet luxurious living environment. It’s part of the city of Los Angeles but feels like a world away, thanks to its close proximity to the ocean and the breathtaking landscapes. Some properties even boast direct views of the Pacific, allowing homeowners to enjoy the coastal breeze and scenic vistas without being directly on the beach.
Final Thoughts
Pacific Palisades continues to be a desirable location for luxury real estate, balancing high property values with quick market turnover. Whether you’re considering buying or selling, staying informed about market trends and property values is crucial.
Unlock the hidden wealth in your Pacific Palisades property! Curious about your home equity? Thinking of buying in the Pacific Palisades? Let's chat! Send a DM or call us at 📱 310-777-6342 for expert insights.