Malibu Real Estate Market Update
Wow – what a difference a year makes!! We’re mid-year and the Malibu real estate market update is a story worth telling.
The overall number of homes sold in Malibu increased by 53%!! Now that’s a wow! The other good news was the average days on the market went down by 35%. So, less carrying costs for sellers. The average sold price and list price to sales price ratio was pretty much flat.
Concerning Malibu real estate on the beach side, well hope you’re sitting down . . . an increase of 80% in number of properties sold and the average days on the market went down by 38% compared to 2011. Some more good news – the average sold price for properties on Malibu beach went up by 30%. You can never go wrong with an investment in beachside real estate!!
Malibu sellers for the most part held strong and it looks like we might have made it through to the other side. One of those sellers was a client of ours in the Point Dume area. Great house for sure, but the lot is simply amazing and breath taking. It sold for $21 million after being on the market for a little over a year. Here’s a peek at this amazing property!
Below is a chart of the data for both Malibu land and beachside properties comparing 2011 to 2012 through Mid-Year:
(Both Land & Beach)
|% change ’11 to ’12||Mid Year 2011||Mid Year 2012||Malibu Beach Side||% change ’11 to ’12||Mid Year 2011||Mid Year 2012|
|# of Listings Sold||53%||75||115||# of Listings Sold||80%||15||27|
|Avg Days on Mkt||-35%||221||144||Avg Days on Mkt||-38%||360||223|
|Avg Sold Price||1%||$2,755,164||$2,791,230||Avg Sold Price||30%||$4,596,900||$5,997,417|
|Avg List Price||-||$3,137,296||$3,125,786||Avg List Price||33%||$5,175,600||$6,896,556|
|Sold Price/List Price||2%||87.82%||89.30%||Sold Price/List Price||-2%||88.82%||86.96%|
So, there you have your mid-year Malibu real estate market update. Always fun to tell good news especially since we haven’t had much to talk about over the last few years. Our way of life in Malibu is priceless, but thankfully the homes we live in are on the upswing, which is good no matter what side you’re on. Let’s just try to keep things in perspective this go ’round – steady Eddy is probably a better path to go down – don’t ya think?!?! To learn more about some of Malibu’s great neighborhoods, check out these videos. Happy House Hunting!!