Malibu Real Estate Market Report
From all reports, including statements from one of America’s most prolific and successful investors, the real estate market in general is strong, and the future looks bright.
Locally, Malibu home prices are on the uptick, with a 30% rise in the median home sales price compared to three years ago.
Home prices throughout Los Angeles County are stable, (although at historic highs in some areas), and mortgage rates have dropped significantly. It’s a good time to buy in general.
I don’t see a nationwide bubble in real estate right now at all,” Warren Buffett speaking at a recent real estate summit.
It’s also a good time to sell. Due to a limited supply of homes on the market, the California Association of Realtors reports that in many markets homes are going for at, or above asking prices. See detailed report below.
The Malibu market looks a little brighter for sellers. The reported Malibu median home value is currently priced at $2,659,100. That’s 3.4% higher than last year at this time. And it is 30% higher than the median sales price of 3 years ago at $1.95 million.
There are currently 221 Malibu homes for sale, and 262 for lease. The median list price according to Realtor.com is $2.5 million. See below for a breakdown on recent land and beachside Malibu home sales.
In Los Angeles County, the median home price has gone up from $305,570 the beginning of this year to $440, 460 at the beginning of March, according to the latest statistics reported by the California Association of Realtors.
Last year in March the median home price in L.A. County was $541, 676. See the interactive chart below to view more.
Mortgage rates nationally are hovering at 3.39%, and in California 3.40%.
Malibu Home Prices and Sales Statistics
For the first time in many years, there are currently no properties listed for less than $1 million in Malibu.
Malibu is much different than most communities because there are so many factors that websites like Zillow and Trulia cannot measure. The proximity to the beach, the views, the lot size, and road noise are a few factors that can dramatically affect Malibu home prices.
Malibu Beach Homes
In the Malibu market, there are currently 68 listings on the beach available. In the past six months, 23 properties have sold. The lowest priced active listing is $1,950,000 up near County line, and the highest price property is $57,000,000 on Carbon Beach.
There are currently six Malibu beach houses in escrow. The average listing price of the properties in escrow is approximately $11 million. The average price per square foot for Malibu beach houses is currently $2,289. The price per square foot of the past sold properties is $2,269.
Malibu Land-Side Homes
For Malibu land-side homes for sale, which includes all properties not located on sand, there are currently 154 homes available. The lowest priced listing, located on Birdella Road, is $1.075 million. The highest priced land-side Malibu home is listed at $29 million. This home is a gorgeous new construction overlooking Zuma Beach on the bluff.
In the last 6 months, 89 Malibu land-side properties have sold, with the average price of sold properties at $2.3 million. There is currently more inventory under contract, with 40 properties in escrow. The average price per square foot for the properties currently on the market is $920. The average price per square foot for sold properties is $792.
Los Angeles County Median Home Prices Interactive Chart
Homes are Selling At or Over Asking Price
The California Real Estate Association reports that more homes are selling above asking price than below since July 2015. In addition, pending home sales have decreased for the third straight month in a row, indicating the limited supply of homes for sale.
The share of homes selling above asking price in March rose to 34 percent, pointing to strengthening market competition for the small volume of homes available for sale.
During the same period, the number of properties that sold for below asking price decreased to a new low of 33 percent. The remaining 33 percent of homes sold during this time went for the asking price.
In addition to selling for more than the asking price, 50 percent of homes for sale got multiple offers in March this year, and 62 percent received multiple offers last year during the same month.
The flattening of pending home sales in March, reflect the high competition in the current real estate market. Pending home sales in Southern California moved down 3 percent compared to last year.
L.A. County posted a modest annual gain of 1 percent, while Orange County declined by 4.3 percent. — California Realtors Association
Year-to-Year Change in Pending Sales by County/Region
|County/Region/State||Mar-16||Mar-15||YTY % Change|
|SF Bay Area||179.2||186.2||-3.70%|
You can read the full March REALTOR® Market Pulse Survey report here.
Russell Grether is a Malibu real estate agent with Compass Real Estate. Contact him at 1.310.994.4247 for more information on Malibu home prices and Malibu homes for sale.