September – Malibu Real Estate Market Update September 19, 2011
The Malibu real estate market has been somewhat sluggish these past few weeks. The good news is that there is more activity heading into the Fall. Students have been in school for a few weeks and everyone is mostly back to work after late summer vacations. The beach traffic has subsided and everyone’s schedules have, for the most part, settled back down.
Despite the uptick in activity, however, the Malibu real estate market is most definitely still a buyer’s market. The single family home inventory has been holding with between 320-340 homes on the market. There is an abundance of inventory in mostly all of the price ranges.
On and off the beach, there are a lot of very high quality listings that are well priced based and offer tremendous value based on the comparable properties that have sold in the last 6 months. I have identified several of my favorite best buys. Contact me if you are interested in this list. Additionally, look for my favorite listing and my favorite listing on the market to appear in my “Featured home of the week” tab on my website.
The average days on market for currently active listings is 185 days. This high number of homes on the market coupled with the lack of sales results in a downward pressure in prices as other listings strive to be priced competitively.
In regards to sold properties, in the last month there have been 14 closings in Malibu. The highest price sale was for 8 million and the lowest price was for $550,000. If you are thinking about putting your home on the market and would like more information about the recent comps and how they might affect your home. The average sales price was $2,383,000.
If you would like more information about the state of the Malibu real estate market. Please do not hesitate to contact me.
Russell Grether of Compass Real Estate is a real estate agent based out of Malibu, CA . He specializes in Malibu real estate, Malibu beach homes, Malibu homes, Malibu real estate for sale, Malibu property for sale, Malibu beach property, Malibu Short sales and surrounding area real estate from Montecito to the Pacific Palisades.