The summer fire of the Malibu real estate market has spread into the fall seasons. With Thanksgiving and Christmas just around the corner; Will the market cool down for the holidays? Or will November and December be driven by the strong demand of buyers jumping into the market after patiently waiting for the past couple years.
There’s no doubt about it, the Malibu market is finally on the rise. Malibu’s single family home inventory has drastically lessened since last year. There’s currently 212 active single family homes on the market and 59 single family homes in escrow. 11 single family homes have been reported as sold in November already (as of 11/12/12), and that’s not including confidential sales. Last year, there were only 13 total sales in Malibu in the month of November.
Malibu’s condo inventory is also shrinking and prices have already started going up in the lower end of the market. There’s currently 37 condos for sale in Malibu and 13 condos in escrow.
I’m predicting a very busy holiday season in the Malibu real estate market. Stale inventory that has been on the market for a long period of time is finally selling; new homes that come on the market are priced competitively are selling instantly, with multiple offers.