Submarket Snapshot: Homes in Malibu Beach in Q1 2016

The cost of luxury homes in Malibu’s priciest district increased in the first quarter, according to a report by the Agency.

There were 12 homes sold in Malibu Beach for more than $1 million, down from 14 in the fourth quarter of 2015. But they sold for a pretty penny. The average price was $8.7 million, up from $6.6 million in the previous quarter.

The residences sold for an average of $2,699 a square foot, up from $2,207. They sold for an average of 9 percent over listing price, down from 12 percent.

As of April 2016, there were  62 luxury homes listed in the beach district for a sky-high average price of $11.7 million, and $3,117 a square foot.