Malibu Beach Home Sales Soaring

by ritasimpson on August 18, 2014

in Malibu Market Update

Malibu Beach properties are selling at a very fast pace this year despite the lull in the broader market.

While sales in the over a million dollar homes grew by 9.1% ,  sales overall fell 7.4%, according to a recent study performed by San Diego-based DataQuick. Additionally, California in the second quarter set all-time records for the number of homes sold for more than $2 million, more than $3 million, more than $4 million and more than $5 million.

In Malibu, during the last six months,  we experienced a 40% increase in the Median of sold beach properties!

Here are the recently sold homes:

Sorry, but we couldn't find any results in the MLS that match the specified search criteria.

 

What’s driving these high-end home sales? According to market-watchers, there are several factors.

One is the hot technology sector in the Bay Area and some affluent parts of Southern California, which is minting new millionaires who can afford seven-figure homes. Another is the 11.6% price growth in California over the last year, which means a house worth $925,000 last summer may be worth $1.03 million today. And there’s the influx of international buyers, which is pushing up prices at the high end.

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