Three Year Third Quarter Malibu Market Dynamics

by ritasimpson on November 3, 2011

in How's The Market

 

There is a sustained, verifiable uptick in the sales of Malibu Hillsides properties since the third quarter of 2008.

As can be seen from the graphs and data sheets landside number of units sold increased by 33% this third quarter when compared to Q3 2008, however the units sold decreased by 15% from last year in the same period.

Prices however which decreased by 31% when compared to Q3 2008, increased by 10% from last years Q3. Which is excellent news!

Number of properties in escrow is on the uptick with a consistent 3% increase, and Day on the market has come down about 14% showing an emerging new dynamic in the market place.

Of the total 105 hillside sales this year, 19 were distressed sales.

With a high Price paid of $8,500,000 and a low of $608,000 with an average $ paid per Square Foot of $679 for the non distressed sales. Buyers paid 87% of list price.

In the 19 distressed property sales the low price was $550,000 the median $1,100,000 and a high of $3,500,000 with an average paid price per square foot of $495 and Buyers paying 89% of list.

When you reason that in the distressed properties the cost to rehabilitate the home might exceed the $184 per Square Foot savings when purchasing a distressed property, it makes sense to concentrate on shopping for the Best Real estate, not the best “deal”.

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Post by Rita Simpson

Rita has written 468 articles.



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