Home sales fell by double digits in the Pacific Palisades and Altadena in the wake of January’s devastating Los Angeles wildfires, according to a new report from Redfin (NASDAQ:RDFN) the technology-powered real estate brokerage.
In the Palisades, just 12 homes sold in February, down 56% from a year earlier. And in Altadena, 32 homes sold, down 43% year over year.
Home listings fell in neighborhoods hit by the wildfires, too. Listings slowed a bit in February—but not nearly as much as sales. There were 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. The typical Altadena home sold for $1.2 million in February, down 8% year over year. But in the Palisades, one of the most expensive neighborhoods in Los Angeles, homes grew even more expensive; the typical home there sold for $2.9 million, up 32% year over year.
“It stands to reason,” read this morning’s news release, “that home sales and listings dropped, as the Palisades and Eaton wildfires destroyed thousands of homes. Many homes no longer exist. Many of the people who were displaced by the fires moved into rentals rather than buying a new home, and many who didn’t lose their homes pressed pause on their house hunt as the wildfires wreaked havoc across the region.”
RDFN shares lost 17 cents, or 1.5%, to $10.87.
