Inventory is up so there is more to choose from. Interest rates are at historic lows so you can afford way more home than years ago, the schools are not crowded so your kids will be well cared for and, of course, we have 26 miles of beautiful beaches!
Below are some interesting stats on the Malibu market today:
- Inventory is up by 20% with 119 homes available.
- There are 20 homes in escrow and 39 closed in the 3rd quarter.
- Days on market is an average of 175.
- 142 homes failed to sell in the 3rd quarter.
- Least expensive property is $599,000 up Latigo Canyon and the most expensive is $50M in Paradise Cove.
What I can say is that most of the local agents here in Malibu are feeling cautiously optimistic that the dark days are behind us. Nobody is predicting prices will rise, but at least maybe prices have bottomed out. The list price to sale price ration is still a little out of whack with 10 – 12% differences in the list price to the sale price – which means, “don’t be afraid to make an offer!”
What are your observations about the Malibu market? Have a story to share? Leave your comments below.