Malibu Real Estate Stays Hot Through The Summer
As mid-year real estate reports are wrapping up, Malibu real estate shows no signs of slowing down. According to the Malibu Real Estate Report, through the first half of 2018, Malibu real estate just about matched statistics from last year.
Looking Closer at Malibu Real Estate
During the first quarter of the year, only 49 single-family homes were closed on escrow in Malibu, specifically in the 90265 area. However, at the end of spring, this number jumped to 69. Since spring, the past few months have been quite busy in the world of Malibu real estate. Mid-year, real estate analysts state that approximately 180 sales were made within Malibu. While 180 sales in just the mid-year is excellent, what’s most impressive is that this number keeps Malibu aligned with its sale trajectory from the past 6-7 years. With steady sales unit production since 2011, Malibu real estate is creating some truly impressive statistics (source).
More importantly, Malibu home sales are projected to hit an all-time high and may even surpass the record-setting numbers in 2017. This prediction is mainly due to the record-breaking individual estate sales that were made throughout the year. So far, approximately $800 million in homes have been sold, and compared to the $1.47 billion sold in total at the end of the previous year, it looks like Malibu is in good shape to surpass this figure.
Median Home Prices and Housing Inventory
Currently, the median home price in Malibu of $3.4 million is only a bit lower than last year’s, which hit a record-breaking $3.65 million. While this is a bit of a drop from last year, analysts note that it’s starting to make its way up. Since the beginning of the year had a slower start with the sales of lower-priced homes, the median at that time was $3.1 million. However, the sale of high dollar homes prevailed in the second quarter which brought the median sale price up.
Although there are 5 months remaining in 2018, the first half of the year for Malibu real estate continued the hot streak that was established in 2017.