With 2010 coming to a close, it’s time to review the real estate market in the Pacific Palisades this year.

The single family housing market in Pacific Palisades showed good resilience in 2010 compared to the slowdown that 2009 marked.

Here are some of the trends we’ve noticed:

• The number of sales jumped from 197 (‘09) to 260 (‘10), a 24% increase.
• The average price held steady, dropping slightly from $2,338,000 to $2,245,000.
• The average time it took to sell a home declined slightly from 96 days (’09) to 91 days (’10).

These trends were consistent in most neighborhoods of the Palisades but the high-end areas, including the Huntington Palisades, Riviera Palisades and Ridgeview Estates, accounted for most of the price decline.

Today, there is a slight lack of inventory in the Pacific Palisades single family market. Activity is strong in all of the areas near the Palisades village where prices are holding firm. The time it takes to sell a property is declining while available financing is holding at low rates. There is a large demand for a small inventory and virtually every new listing will sell within the first 60 days if it is priced appropriately.

What do you think of these statistics for the Palisades? What trends have you noticed in the market in your area? Please leave your comments below and get the conversation started.