Sunset at Malibu Beach (Credit: Public Domain Pictures)
Malibu is proving to be one of the hottest areas in Los Angeles County, with record-breaking home sale prices and a rising number of trades.
In glitzy Malibu Beach, there were 24 home sales in the first three months of the year, up from just six at the same time last year, Mansion Global reported.
Prices in the neighborhood have also shot up. The average sale price in Malibu Beach was $10.5 million, up 44 percent from the $7.3 million recorded last year, according to a first quarter report from residential brokerage Douglas Elliman.
Overall, 49 homes traded in the Malibu submarket, reflecting a 36 percent hike from last year. The median sales price was $2.5 million.
Inventory in the luxury Malibu market is also becoming increasingly tight. In the first quarter, there were 146 homes on the market, down from 162 the year prior. The homes are also selling quicker, averaging 120 days, or roughly 15 percent quicker year over year.
Earlier this week, Hard Rock co-founder Peter Morton broke a countywide record when he sold his Malibu mansion for $110 million. That topped the other key transaction in Carbon Beach: Kurt Rappaport’s $85 million sale to Daryl Katz.
Douglas Elliman classifies luxury as any home in the upper 10 percent of sales.
In L.A. County, median home sale prices rose 5.1 percent compared the first quarter last year to a record $1.45 million, according to the report. Meanwhile, the number of sales jumped 33 percent to 1,463 homes. [MG] — Natalie Hoberman