"Despite a significant decline in home sales in both Pacific Palisades and Altadena, the broader LA market showed resilience with a 6.2% increase in sales."
"In the Pacific Palisades, home sales plummeted 56% year over year, reflecting the impact of the recent wildfires and shifting market dynamics."
"While Pacific Palisades saw a significant spike in median sale prices, Altadena experienced a decline, highlighting contrasting neighborhood impacts in the area."
"The overall LA housing market benefitted from pent-up demand, with agents observing quick sales in fire-safe neighborhoods due to increased seller activity."
In February, home sales in Pacific Palisades fell by 56% and by 43% in Altadena compared to the previous year. This meant only 12 and 32 sales, respectively. Despite this decline, the median sale price in Pacific Palisades rose by 32%, contrasting with a price drop in Altadena. New listings also decreased in both areas. Contrarily, the broader Los Angeles market experienced a growth of 6.2% in home sales, driven by pent-up demand. Agents noted quick sales in safe neighborhoods, with sellers responding to increased demand amid the turmoil of wildfires.
Read at www.housingwire.com
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