Malibu Real Estate 6 Year First semester stats

by ritasimpson on September 14, 2011

in How's The Market

I’ve been putting together the Malibu Market performance in the first semester of the past 6 years. I think it provides a unique insight into our very special market. The biggest misconception incoming buyers have is the belief that prices have fallen off the cliff here too. The truth is they haven’t. Yes, the time it takes to sell a property today has almost tripled in some cases and the volume of sales (number of properties sold) has nearly halved, but the price per square foot of sold property has surprisingly only moderately changed over the past six years. Take a look at these stats I pulled directly off the MLS.

A quick disclaimer: This information is only as accurate as the data in the MLS. The data does not include private transactions, and there are errors in the MLS input, so this review is definitely incomplete and miss some very important factors, but in bulk it will give a good approximation of how the area has really performed during that period.

Attached are four graphs depicting units sold over the last 6 first semesters, Days on the Market, Average price SQ FT and Sold Price Distribution for both areas. I think you will be surprised by what you see:

Volume of land side sales decreased by 43% from first semester of 06 to first semester of 2011, while beach side sales decreased by 28%. The worst drop in volume happened when comparing first semester 07- to first semester 08 for the land side properties when sales declined by 162% while beach sales remained constant, however sales of beach side properties in turn dropped in first semester of 08 when compared to 09 by 56%. From 2008 through 2011 land side sales have been steadily increasing at a 15% rate and sales of beach homes are up 50% from 2009. As to days on the Market the slowness to sell has been identical for both locations with an increase of 235% of time it takes to sell a home. There is a difference however in the average price per sq ft paid:
At the beach there has been a +22% increase from 2006 while there has been a -10% decrease for the sold land side properties. while both areas post a decrease in the Median Sold price with beach homes posting a -11% decrease while the land side properties a -15%
Let me know if you have any comments or questions or know a Seller that might benefit from talking to me.

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