The Average Malibu Home Sale Price Surpassed $6 Million in 2017
At the end of 2017, Malibu officially created a new record for both the average sale price and median home price within the 90265 area. With a total of 237 homes sold in 2017, the average price totaled over $6 million. This is a record that has not been surpassed since 2008. However, this was not the only real estate record that was set within Malibu; measured in monetary value, the volume of Malibu homes—beach volume and land side volume–skyrocketed to $1.5 billion. This stat excludes local condos, mobile homes, and vacant lots. So far, it seems that Malibu real estate is growing stronger and stronger as the years progress.
Malibu Real Estate On an Upward Trend
From only selling 173 homes in 2011 to making 237 home sales in 2017, Malibu luxury real estate is gaining some well-deserved traction. With sweeping views of the beaches, luxury boutiques and dining, and endless opportunities for adventure, it’s no wonder that Malibu is growing into a real estate hot spot. In addition to their average home price and home volume records, the median price of Malibu homes increased to $3,650,000 which broke the record that was set in 2008 when the median home prices reached $3,360,000. This new median home price is a 14% increase from 2016 and over 30% for the average. However, a few real estate analysts claim that this median is ‘artificially high’ since many of the homes that were sold were well over $20 million.
2017 was one of Malibu’s best years in the real estate realm, especially in terms of the number of high-priced luxury homes that were sold. In 2011, only one home over $20 million was sold, while 2015 jumped to 6 and 2016 decreased to 2. In 2017, 12 homes over $20 million were successfully sold in Malibu, making it the highest record within the past 6 years. In these 12 homes included the sale of the notorious Carbon Beach home that sold for $85 million and the Sweetwater Mesa home that sold for $70 million.
Regardless of the number of homes sold over $20 million, Malibu’s market was quite impressive, boasting low inventory levels but experiencing the storming of big-money investors. Additionally, the luxury homes that were sold in 2016 for an average of $3.1 million, actually took in an average of $4.1million in 2017 (source).
As we enter 2018, only time will tell if the Malibu real estate market will continue to increase and shatter records.