The Real Deal Los Angeles

Submarket Snapshot: Homes in Malibu Beach in Q1 2016

Malibu's priciest area got even pricier
Point Dume Beach in Malibu

Point Dume Beach in Malibu

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.