Switch in Activity In the Malibu Real Estate Market

by ritasimpson on December 9, 2011

in How's The Market

The winds  are changing in the Malibu Real Estate Market. Famed  for  the record sale prices starting in the late nineties that accelerated and reached  a frenzy in higher end market of properties over $10 million in 2006 ,   2011 survey  results of data pulled from the MLS show that the action has shifted to the under $2 million dollar purchases.

Market Dynamics point to increased sales and stability in the under 2 million dollar category with an increase of 81% of units sold over 2008 and a decrease of 16% in the price paid per square foot from 2007 prices. Even so  the 2011 performance was about 5% weaker than 2010 in this category, while the average price per square foot paid remained stable hovering around $514.

In the $2 million to $5 million dollar range, Malibu witnessed a 15% surge in unit sales this year compared to 2008 but down about 7% from 2010. The average price paid per square foot however inched up by 2.25% from $762  to $ 779  still 12% bellow the average  of $892 in 2007.

In the $5 million to $10 million range, the volume of sales increased by a healthy 85% compared to 2010, but this was due to some major rebates in the sales of some large foreclosed  estate properties. The average price paid per square foot in this category was $1,031 or a 44% decrease from the $1,861 per square foot paid in 2010!

In the over 10 million dollar category the number of  units sold dropped by about 40% , The price per square foot of $1,933 paid this year amounted to a discount of  29% from the $2,734 paid in 2010.

 


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