Average Malibu House Sale: $2.45 Million
Written by 991KBU on April 27, 2018
Yet another breathless report form yet another luxury real estate analyst … about the wave of frenzied home buying has washed over Malibu’s beaches.
Sales on the oceanfront have quadrupled in the first three months of the year … according to a report from Douglas Elliman.
The Colony and Billionaire’s Beach areas logged 24 sales in the first three months of the year, compared to only six the first quarter of last year, according to the data.
Across all of Malibu, sales were up 36% over last year, underscoring the strength of the Los Angeles market in comparison to the softness in other U.S. luxury hubs.
“Malibu has become a trophy location,” said Jonathan Miller, president of Miller Samuel.
The median price in Malibu was $2.45 million in the first quarter, and about double that, at $4.75 million on the beaches.
Of course … the Malibu market is so small that minor changes to sales and prices will exaggerate any growth or decline there. But what’s certain is that the stretch of beach north of Los Angeles has become one of priciest locales in the U.
