The Real Deal Los Angeles

Submarket Snapshot: Homes in Malibu in Q1 2016

Average price of a luxury residence drops to $2.6M

May 04, 2016 05:00PM
By Hannah Miet

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Richard Landry's house in Malibu (credit: Landry Design Group)

Richard Landry’s house in Malibu (credit: Landry Design Group)

In the first quarter, 34 homes over $1 million sold in Malibu, according to a report by the Agency. 

They sold for an average of $2.6 million, a 5.3 percent decrease from the same period last year.

The median sale price on a luxury home, meanwhile, rose 11.9 percent to $2.35 million.

Homes sold at a faster clip, spending an average of 116 days on the market, 33.3 percent fewer than in Q1 2015.