In every societal shift, there are winners and losers. The pandemic created both a desire to escape urban living and the ability to work remotely at the same time. Once the extended nature of the economic shutdown became apparent, Malibu real estate fulfilled one of the dream destinations of choice along with Aspen, the Hamptons, Palm Beach and Miami. Our phones started ringing and have never stopped.
In the beginning, the desire for leases was insatiable but that soon segued into an extremely robust sales market. Our inventory is at the lowest level it has been in the last 32 years that I have been selling real estate in Malibu. The active single family home market is holding steady at approximately 85 homes for sale which is nearly one third of the listings in a normal market.
The luxury market is setting new records. There have been approximately 20 sales over $10 million in Malibu year to date with many more buyers looking for opportunities. The overall market is robust in all price ranges and buyers are anxiously awaiting new and exciting properties to come on the market.
Rising interest rates may cause downward pressure on pricing as the purchasing power of the buyer is decreased.
If you are looking to sell in Malibu, now is clearly the time to explore that opportunity.