Summer is heating up and the temperature of the Malibu real estate market is keeping up
Malibu home values remain steady in the current market, and are predicted to go up slightly in the next year. Coupled with interest rates that remain near 3-year lows, home buyers who’ve been on the fence might want to make that commitment soon.
Overall, Malibu homes values have gone up 3.1% in the past year, according to the real estate portal Zillow, and the site predicts Malibu home values rising .8% in the next year.
As of June 9, 2016, there were 235 single-family Malibu homes on the market at a median asking price of $5,395,000. All homes are listed at more than $900,000.
The median sales price for single-family homes in Malibu averaged $2,882,000. The average days on the market before selling was 158 days.
There are 28 condominiums / town homes for sale in Malibu at a median asking pice of $1,480,000, and a median sales price of $920,000. The average number of days on the market for condos/town homes is 87.
National average interest rates as of June 9 rose slightly to 3.62% for a 30-year fixed rate mortgage, and 2.91% for a 15-year fixed rate mortgage, according to Mortgage News Daily.