Kelley | Westbrook Group Market Update for Pacific Palisades and Santa Monica
Pacific Palisades, CA - Market Overview (Week of October 7, 2024)
The current median list price for homes in Pacific Palisades is $5,495,000, with the Market Action Index (MAI) at 32, slightly down from last month's 33. Inventory has also increased to 87 homes, indicating a slight cooling in market conditions.
Market Action Index Explained
The Market Action Index provides a snapshot of market activity by comparing the rate of sales to inventory. With the index currently at 32, the market holds a slight seller's advantage, although it is close to transitioning into a balanced zone. A further drop in the index might push the market into buyer territory, which could present opportunities for negotiation and price adjustments.
Market Narrative
Recent weeks have seen a cooling in the Pacific Palisades market as more homes have become available, leading to a slight softening in demand. This has resulted in some downward pressure on prices, and this trend may persist if the MAI continues to drop. We suggest keeping an eye on the MAI for any upturn, as this would signal renewed demand and potentially rising prices.
Santa Monica Update
In nearby Santa Monica, the real estate market continues to experience strong interest, especially in highly desirable areas such as North of Montana and Ocean Park. The median list price remains elevated due to limited inventory, and well-maintained, move-in-ready homes are seeing competitive bidding. Recent data suggests an uptick in new listings, which could help moderate prices, providing some balance between buyer and seller expectations. However, demand remains high for properties near top-rated schools and beachfront areas.
Stay Informed
Whether you are interested in buying, selling, or simply staying informed, our team at the Kelley | Westbrook Group is here to provide expert insights into the evolving markets of Pacific Palisades and Santa Monica. We encourage you to reach out or click here to stay up-to-date with the latest market trends.
