No one person can predict or have the guaranteed answer to this question, however, with careful analysis one can begin to make a more educated decision. I have completed an analysis of the Malibu Real Estate market from January 1, 2008 thru May 15, 2008 to assist you in making more informed decisions when it comes to real estate.
The data I collected was broken down into the following categories:
- Single Family Home Sales from $0 to $1.5 M
- Single Family Home Sales from $1.5 M to $2.5 M
- Single Family Home Sales from $2.5 M to $5 M
- Single Family Home Sales from $5 M to $8 M
- Single Family Home Sales above $8 M
- Condo Sales
- Land Sales
Single Family Home Sales from $0 to $1.5 M
There were eight (8) homes that sold between January 1, 2008 and May 15, 2008. Five of the eight homes were mobile homes. The Average Sales Price was $698,751 while the Median Sales Price was $687,500. What is more interesting to note is percent decrease from the Original Sales Price to Actual Sold Price. The Average percent decrease was 20% and the Median decrease was 24%.
Single Family Home Sales from $1.5 M to $2.5 M
There were eleven (11) homes that sold between January 1, 2008 and May 15, 2008. None of them were mobile homes. The Average Sales Price was $2,060,227 while the Median Sales Price was $2,100,000. What is more interesting to note is percent decrease from the Original Sales Price to Actual Sold Price. The Average percent decrease was 17% and the Median decrease was 18%.
Single Family Home Sales from $2.5 M to $5 M
There were eight (8) homes that sold between January 1, 2008 and May 15, 2008. The Average Sales Price was $3,668,750 while the Median Sales Price was $3,762,500. What is more interesting to note is percent decrease from the Original Sales Price to Actual Sold Price. The Average percent decrease was 8% and the Median decrease was 5%.
Single Family Home Sales from $5 M to $8 M
There were six (6) homes that sold between January 1, 2008 and May 15, 2008. The Average Sales Price was $6,213,833 while the Median Sales Price was $6,000,000. What is more interesting to note is percent decrease from the Original Sales Price to Actual Sold Price. The Average percent decrease was 6% and the Median decrease was 8%.
Single Family Home Sales above $8 M
There were five (5) homes that sold between January 1, 2008 and May 15, 2008. The Average Sales Price was $15,950,000 while the Median Sales Price was $14,000,000. What is more interesting to note is percent decrease from the Original Sales Price to Actual Sold Price. The Average percent decrease was 20% and the Median decrease was 16%.
Condo Sales
There were eight (8) homes that sold between January 1, 2008 and May 15, 2008. The Average Sales Price was $1,136,875 while the Median Sales Price was $1,212,500. What is more interesting to note is percent decrease from the Original Sales Price to Actual Sold Price. The Average percent decrease was 14% and the Median decrease was 13%.
Land Sales
There were seventeen (17) land deals that sold between January 1, 2008 and May 15, 2008. The Average Sales Price was $1,419,529 while the Median Sales Price was $750,000. What is more interesting to note is percent decrease from the Original Sales Price to Actual Sold Price. The Average percent decrease was 21% and the Median decrease was 10%.
As I look at this information, several points stick out in my head for Malibu.
- Single Family Home Average Value based on Sold Homes between $0 and $2.5 million have dropped between 17% and 20%
- Single Family Home Average Value based on Sold Homes above $8 million have dropped 20%
- Condo Average Value based on Sold Condos has dropped 14%
- Land Average Value based on Sold Land has dropped 21%
- However, Single Family Home Average Value based on Sold Homes between $2.5 and $8 million have only dropped between 6% and 8%
Buyers Moral of the Story: If you are in the lower or higher end of the purchasing market, there are plenty of opportunities to purchase something for significantly less money than before. As long you are in the market to hold on to the property for more than a couple of years, this is YOUR market!
Sellers Moral of the Story: If your home is in the $2.5 to $8 Million range the average value of your home seems to be holding relatively firm. You will most likely have a fairly strong return on your asset if you sold now.
To find out more about Malibu homes, contact me at: 310.924.4631
Here are two links below talking about the housing market:
The Housing Crisis Is Over - WSJ article
Money File - Nightly Business Report PBS: How Best to Buy in this Housing Market
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