Real Estate Update for the Palisades by Judy Orsini
As of February there were 51 single family homes for sale in PP as compared to 79 at this time last year, a 35% reduction in inventory. The median price of a home is $50,000 more now than in 2016. Days on the market is 209 as compared to 131 the same time last year. Economists are anticipating a similar market as in 2016, with some levelling off. There are fewer stiuations where there is more than one offer on a property and there seems to be more balance between the buying and selling sides in negotiations. The passage of the amendments to the Baseline Mansionization Ordinance and baseline Hillside Ordinance will add another dimension to the equation. In our tract, a total of 7 properties sold in 2016 in the range of
$1,770,000 to $4,600,000. Leasing prices ranged from $5,995 to $11,500.