First quarter of 2007 has already ended — time to get a quick snapshot of the real estate activity in Malibu, California. Spring is definitely in the air — the Malibu beach area single family homes have really taken off.
According to the CLAW/MLS data, the first 3 months in 2007 have produced $83,349,000 sales volume as compared to the same period in 2006 which produced $61,029,999 sales volume. Simply, the first quarter in 2007 exceeded 1.36 times the 2006 first quarter. That is incredible — of course, one has to remember that we are talking about the beachfront properties — quite unique as it is difficult to duplicate these properties.
The Malibu land area dropped slightly in comparison — for the same period in 2007 – it achieved $89,696,499 sales volume as compared to $109,322,000 in the 2006 same period. Overall the Malibu single family homes show greater sales volume in 2007 – $173,045,499 versus the 2006 sales volume of $170k,351,999. The single family sales are still strong in the Malibu, California area. Again, the uniqueness of the property plays a big role.
On the Malibu beach area, the median sales price for the 2007 first quarter is $6,995,000 and on the Malibu land area, it is $2,400,000.
The condominium analysis for the Malibu, California market shows a different story — it could be that we don’t have as much available inventory. In the Malibu beach area, the first quarter 2007 has $3,672,000 sales volume as compared to the first quarter 2006 at $5,740,000 — 64% of 2006 sales volume. On the Malibu land area condominiums for the same 2007 period has $4,668,500 sales volume as compared to the same 2006 period at $10,071,500 — 46% of 2006 sales volume.
Overall on the condominium scene, the total first quarter 2007 Malibu activity was $8,340,500 as compared to same period 2006 which was $15,811,500 – 52% activity of 2006.
Contact Judy Kunisaki at (310) 317-8396 for your real estate needs.
