Malibu real estate market data was just released and here is what I’m seeing for the month of Nov.
The great news is that the median price for Malibu homes continue to go up and I’m hearing from our escrow company that Dec. should finish up strong with a high number of closings.
The best way I can explain the drop in the median price per sq.ft. is that there were a large amount of higher end sales heading in to the beginning of fall. The data I saw this morning showed that a majority of sales that have occurred over the last 2 months have been for homes under $2m. Several Malibu West and Malibu Park homes that hit the market around $1.5m to $1.8m received multiple offers.
Inventory is dropping off fast but that is to be expected this time of the year. We should see the trend reverse in Jan. when new listings hit the market.
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Tags: malibu real estate, market update