Malibu Real Estate IN High Demand

by ritasimpson on March 24, 2013

in How's The Market

The spring homebuying season has kicked off  in Malibu with tight  housing inventories and Prices going UP.

Malibu  famous for it’s celebrity residents and gorgeous coastline is experiencing a run for the homes on the market with 90% increase  in properties under contract on the landside and a jump of 348% on the median price of homes sold at the beach.

While there is a difference in the dynamics of the land versus beach market in Malibu, and in the fact that one Mega sale can skew the stats in the area, we still can measure and compare the activity in the Market and take away useful conclusions:

For Properties at the beach in Malibu we had  asking price hike of  42% on average, and a realized 348% increase in the Median Price Sold, in February.  It seems to have followed the highest number of sales closed in December in the past few years.  The  phenomenal activity in December represented a 900%  increase over 2011! and seems to have pulled the momentum forward for the year.

As to the land side properties, we are experiencing a tight inventory with supplies contracting 37% and asking prices going up by 21%.

It looks like the Super Rich are parking lots of money in their Beach Houses in Malibu, and with properties under contract increasing by 90% over last February, it looks like savvy homebuyers are scrambling for  the best opportunities in Malibu properties before a new bubble sets in.

 

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