The coronavirus pandemic and resulting economic uncertainty have affected all of us.
Despite many of the predictions, Malibu’s housing market has remained strong.
2019 vs. 2020
Last year in the wake of the Woolsey Fire, our local real estate market halted completely for months. In comparison, during the pandemic, these last few months have been difficult but the market has reacted better than 2019 and we are recently seeing an increase in buyer activity.
Our Take on the Malibu Market
Tony Mark has been at the forefront of Malibu real estate for decades. With his finger on the pulse of the market, here is his synopsis for Spring 2020:
“Homes that are perceived as having “value” are starting to sell at roughly 90% of the pre-COVID pricing. Listing inventory has decreased and sale prices are down around 10%, but the total number of sales is on par and beyond that of 2019.
We have not seen a large decrease in asking prices, but there seems to be more negotiability in the market overall. Deals that are getting done are often at prices benefitting the buyers.
With interest rates still very low, this could prove to be the best time for buyers that we have seen in years.”
Tony Mark | Co-Founder of The Mark & Grether Group
Spring is always the busiest season for arranging short term summer leases. This year, with countless canceled vacations and people being stuck at home, the demand for these rentals have skyrocketed. It is an excellent time for homeowners to list their properties and make a staycation possible for others.
Find out the latest single-family home sale statistics below.
*MLS stats represent public transactions from January through April 2020*
Summer 2020 Outlook
Every year, spring and summer in Malibu represent the most active months of the year regarding real estate. This year, with the safer at home orders and quarantine, the spring market was not canceled. Rather, it was postponed.
We are expecting a busier summer than ever for both leases and transactions. Vacations have been canceled, travel is at an all-time low, and people are seeking to move to less-densely populated areas. For both buyers and sellers, this bouncing back of the market represents a unique opportunity to make a move!
Please email us if you have any questions, or if you’d like to discuss the market in your neighborhood!
russellandtony@compass.com / 310.230.5771
