Malibu Market Update

by ritasimpson on March 31, 2013

in How's The Market, Malibu Market Update

If you want to know what is going on in Malibu Real Estate today here is a glimpse:

Realtors are busy, busy in Malibu. Activity as been in a frenzy at the beach but is also catching on  for the land side market, meaning properties on the land side of Pacific Coast Highway.

Last year, during the first quarter, we witnessed a good upsurge in market activity and it has not softened since. During the first quater last year, Malibu land side properties registered 39 closed transactions. This year, during the same period  Malibu had 45 closed transactions. This translates into a 15% increase in the number of units sold. The Median Price  also increased from $1,225,000 in 2012 to $1,588,888 in 2013 during the first quarter. That is a 29.7% increase.

Of the 45 sales on the landside so far this year 12 were  properties under $ 1 million, 32 transactions were for properties under $2 million and 40 transactions were for properties under $3 million, That is 88% of the transactions were under the $3 million price tag.  On the beach side to the contrary most transactions are happening on the upper end of the price Ranges. With 6 transactions closed so far this year, over 50% of the transactions on the beach are over the $7 million dollar mark. with the highest this month at $17 million, and another closing at $10.5 million. The Median has ticked up 10% from last year same period but the highest sold item was 3 times as expensive as last year, indicating a clear trend towards the most exclusive properties unlike previous years were we saw a clean up in the lower price ranges.

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