September Malibu Home Sales Up 170% Over Last Year!

by ritasimpson on October 4, 2012

in How's The Market

This year Malibu Home Sales have been up consistently month after month. The month of September was especially good with an overall jump of 170% more units sold this September compared to last year. But the success is not only in the number of unit solds, the improvement translates in all measures including the average price paid per square foot up from $729 to $1,260, nearly 160%, and the Sale price to List price ratio which jumped from 85.8% last year to 92.37% further confirming that prices had indeed reached the bottom and that Seller were receiving more and better offers for their properties.

The highest priced  Malibu Beach House sale this September was the Carbon beach home Larry Ellison

purchased for almost $37 million.

The highest priced Sale on the land side of PCH was the former family home of Mel Gibson which sold for $9,261,250.

Point Dume remained the top performing neighborhood for sales with 4 big sales this September with a Median of $5,000,000 and an average price paid per square foot of $1,412 and a Sold to List Price ratio of 92.4%

Although the highest priced properties sold are or were celebrity owned many of the Malibu property  transactions occur at the Median which still is in the mid 2 million dollar range.  What is remarkable this September was the increase in the number of transactions from 17 last year to 29 closed and 23 pending at this time!

 

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Post by Rita Simpson

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