Submarket Snapshot: Homes in Malibu in Q1 2016

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.