Fall 2018 Quarterly Update

If you are subscribed to our newsletters, then you know that every month we send out a year-to-date report of everything that has sold both on the beach and land sides of Malibu. We pride ourselves on providing informative monthly Emails to our friends, clients, and agent contacts. That said, we also realize that the clutter of the email inbox can be overwhelming, which is why we will now be posting quarterly updates on our blog to keep our readership informed!

All information is current as of October 18th, 2018 and pulled directly from the Multiple Listing Service.

Malibu Beach Sales

This year on the beach thus far, we have already seen 45 homes sold! 6 are currently in escrow, while 58 remain as active listings. On average, these homes had a list price of $11,010,370, spent 155 days on market before selling, and sold at a price of $8,385,433 (roughly 76 percent of the original list price).

At this time last year, only 33 sales on Malibu’s beach side had occurred, while the number of active listings was nearly identical. That said, the average sold price was much higher, coming in at $9,665,817.

Malibu Landside Sales

Meanwhile, on Malibu’s landside, there have been 138 homes sold in 2019, with 7 currently in escrow and 193 still listed for sale. Of the homes that sold, the averages show list price to be $4,762,931 and they spent 113 days on market before selling for $3,330,320, this means that the average home sold for just under 70 percent of its list price!

In terms of homes sold and active, 2017 appears similar. At this time a year ago, 146 homes had been sold, 7 were pending and 195 were active. However, the average list price and sold price were well below this year’s sales, coming on at a list price of $3,495,000 and selling at $2,825,000.

The MGG Take

From this data, we believe that the market is both active and healthy. With Malibu’s typical home prices, incredibly diverse geology and innumerable homes styles, it is certainly a unique Real Estate market.

On the beach side of Malibu, those numbers line up well with what we have been seeing ourselves. There are buyers actively searching for these homes; however, they are seeking to purchase them at a significant discount. In particular, homes that need work are expected to sell well below the ask, so pricing is key.

The landside appears healthy as well! With values going up and slightly less inventory, there are many more active buyers in this category than on the beach. That said, the unique qualities and variances between these homes mean that finding the right buyer can take a bit more time. We are seeing this reflected in the days on market.

Our Fall Recommendations

The market is still strong, and though summer is the busiest time of the year in Malibu Real Estate, listing your home with serious intent as a seller in the Fall months can be a great way to take advantage of the market. With proper staging for a wider appeal and the right pre-market and marketing campaigns, we believe that buyers for every property are out there and looking!

For buying a property, the same is true. The slowdown in inventory translates to motivation, and making a Real Estate deal transaction happen is much easier when both parties truly want to see it through. That said, with the holiday’s looming, time in 2018 is beginning to draw to a close and October is one of the best times of year to begin the process.

Looking to sell your home or buy? Contact us to learn about our full service, innovative approach to representing both sellers and buyers.

Call 310.230.5771 or email russellandtony@compass.com