Home sales in the Pacific Palisades and Altadena communities impacted by January’s wildfires recorded double digits declines in February, according to a new report from Redfin (NASDAQ: RDFN).
In Pacific Palisades (ZIP Code 90272), only 12 homes sold in February, down 56% from a year earlier. In Altadena (ZIP Code 91001), 32 homes sold, down 43% year-over-year. Home listings were also down – there 23 new listings in the Palisades, down 12% year over year, and 46 new listings in Altadena, down 6%.
Sale prices dropped in Altadena and rose in the Palisades last month. The typical Altadena home sold for $1.2 million in February, down 8% from February 2024, but in the Palisades the typical home sold for $2.9 million, up 32% year-over-year.
For the Greater Los Angeles area as a whole, home sales rose 6.2% year-over-year in in February, a bigger increase than any other major metro area, and new listings rose 13.6%. The area’s median sale price increased 5.1% to $920,000, just shy of the all-time high.
“One thing I’m noticing: people I met with six months or a year ago are suddenly calling, saying they want to list their homes,” said Thomas Royds, a Los Angeles Redfin Premier agent who focuses on places in southern Los Angeles. “Many of them want to capitalize on the demand and high prices from people who were displaced by the fires, and are now moving from a short-term rental into a more permanent home.”
