We are nearly three-quarters through 2021! In the blink of an eye, Labor Day weekend and Summer are behind us.

All over the country, housing prices have skyrocketed in 2021. Like many of its highly desirable contemporaries, Malibu is no exception. As we wrap up our third quarter, we are diving into the data to see how much Malibu home prices have increased in 2021.

This data was pulled from the MLS on September 10th, 2021.

Malibu Markets

Unlike many other areas, Malibu cannot be simply grouped together. Malibu Beach represents some of the most expensive and sought-after real estate in the entire country. Meanwhile, Malibu’s landside offers a wide array of neighborhoods and price points, all of which offer something completely unique.

For the sake of analyzing the data, we are going to break down the beach and landside markets separately. We will also be analyzing several specific neighborhoods in both areas that our team specializes in.

Malibu Beach Home Prices

In 2020, there were 76 public sales on the beach. The highest was $24.86 million on Broad Beach, and the lowest was sold at $1.322 million on leased land just north of Moonshadows in Eastern Malibu. On average, the sale price was $8,489,944.

Meanwhile, in 2021, there have only been 61 public sales as we near the end of the 3rd quarter. The highest was $51.65 million on Carbon Beach (also known as Billionaires Beach), and the lowest sale price was a lender-owned home by County Line for the price of $1.35 million. The average sale price thus far is $11,203,347.

This is an increase of nearly 32% in prices.

Malibu Landside Home Prices

In 2020, there were 182 public sales off of the beach. The highest was $20 million in Serra Retreat, and the lowest was a teardown sold at $925,000 in The Malibu Bowl, Corral Canyon. On average, the sale price was $4,067,732.

In 2021, there have only been 151 public sales as we near the end of the 3rd quarter. The highest was $21.2M on the bluffs above Malibu Road, and the lowest sale price was $1.23 million in Escondido Canyon off of Latigo Canyon. The average sale price thus far is $4,685,130.

This is an increase of over 13% in prices.

The data is clear: prices are going up. That said, Malibu’s wide range of properties and neighborhoods make generalizing difficult. Here are a few neighborhoods our team specializes in and their changes since last year.

Broad Beach

Located in Western Malibu just past Zuma Beach, Broad Beach has long been one of Malibu’s most desirable areas. After a multi-year slump in prices compared to its contemporaries on Carbon Beach and Malibu Colony, Broad Beach has experienced a strong reinvigoration of prices over the past year.

In 2020, there were 7 public sales ranging from $8M to $24.8 million. The average sale was $12,640,714. This is a far cry from previous years where the sale prices were consistently in the $8 million range.

In the MLS, there have been no public sales in 2021. However, using a title search, we can determine that there have been at least 12 sales this year on Broad Beach Road with an average sale price of over $17 million.

Malibu Road

Malibu Road is one of Malibu’s best beachfront communities with a star-studded past. Located in Central Malibu near the Cross Creek Market and Colony Plaza, it offers coastal living while remaining closer to town.

In 2020, there were 9 public transactions on Malibu Road with an average sales price of $9,009,017.

In 2021, there have been 11 public transactions thus far with an average sale price of $12,065,909. This represents an increase of nearly 34%.

Point Dume

Point Dume is one of Malibu’s most desirable communities off of the beach. Sometimes called “Malibu’s Riviera,” this area offers an amazing lifestyle with local beaches, large lots, and a local market all accessible without having to use Pacific Coast Hwy. For a good reason, this market has exploded in recent years.

In 2020, there were 21 sales with an average sale price of $8,474,376. Excluding bluff properties, this average becomes $6,764,806.

In 2021, there have been 23 sales averaging $9,107,913. Removing the higher-priced bluff homes, the average is $8,156,588. This represents an increase of 20.5% for non-bluff properties.

Malibu Park

Situated above Zuma Beach, Malibu Park is an amazing neighborhood with a deeply rural history. It is now a mix of ranch homes, massive estates, modern enclaves, and everything in between. Since the Woolsey Fire, much of the neighborhood is being rebuilt and some of those completed homes are beginning to sell.

In 2020, there were 16 public transactions with an average closing price of $5,142,000.

In 2021, there have been 13 sales at an average of $6,574,831. This represents an increase of 27.9%.

Implications for Buyers and Sellers

From the data, it is clear that prices have trended up significantly in 2021. Inventory remains low both on and off of the beach in Malibu, and demand for Malibu among buyers is high.

For sellers, this means it is an excellent time to put your home on the market. Inventory is low and at the right price with the right marketing, properties are trading very quickly and often with multiple offers.

For buyers, the situation is not as dire as they may seem. Mortgage rates remain low and for properties that are over-priced or under-marketed, once the initial wave of interest passes, the competitive buyer pool will pass them by. There are good deals out there if you know where to look and have the right agents guiding you.

Our team has sold over $125 million in 2021 so far and over $1 billion total, most of it being in Malibu. Whether working with buyers or sellers, we believe that local knowledge, unique marketing, and the highest standard of service and duty separate us from the rest.

For a consultation or to learn more about our services, please get in touch at 310.230.5771 or email russellandtony@compass.com