🏡 December 2023 Luxury Real Estate Market Update & Trends for Malibu, CA 🌟
🏡 December 2023 Luxury Real Estate Market Update & Trends for Malibu, CA 🌟
🔻 Avg Sales Price: $3.93 million, 📉 down 19%. Room for negotiation!
⚪️ Avg List Price $9.20 million, no change 0%
🔻 Properties Sold: 7, 📉 down 9%
🔼 Days on Market: 85 📆, 📈 UP 59%
🔻 $/Sq FT: $1,155, 📉 down 24%
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Welcome to the stunning landscape of Malibu Hills, the other side of the Pacific Coast Highway (PCH), where luxury meets tranquility. While it's distinct from the oceanfront allure of Malibu Beach, the Malibu Hills area offers its own unique charm, especially for those seeking breathtaking ocean views from an elevated vantage point. Let's dive into the December 2023 real estate market update for Malibu Hills and explore what makes this area a coveted destination.
The Diverse Malibu Hills Market
Malibu Hills, east of PCH, is not your typical beachside location. Here, you're perched up in the hills, amidst a diverse range of properties. With starting prices around $1.5 to $1.6 million, the area caters to a variety of lifestyles and preferences. December saw the average sales price in Malibu Hills at approximately $3.93 million, reflecting a 19% decrease compared to the previous 90 days. This adjustment in prices might signal an opportune moment for buyers looking to step into the Malibu lifestyle.
Estate Living in the Hills
The average list price in Malibu Hills held steady at $9.2 million, indicative of the substantial estates that dot the landscape. These sprawling properties offer more than just a home; they're gateways to a lifestyle defined by luxury and expansive ocean views. The consistency in list prices suggests a stable market, one that continues to attract high-end buyers.
Sales Dynamics and Market Time
In December, the Malibu Hills area saw seven properties sold, a decrease of 9% from the previous cycle. The market time was around 85 days, up by 59% from the earlier period. While these figures might suggest a slower market, it's essential to consider the exclusivity of properties in this area. A slightly longer market time is not uncommon for high-value estates.
Price Per Square Foot Analysis
The price per square foot in Malibu Hills was around $1,155, down by about 2% from the previous 90-day cycle. While not as high as the staggering prices in Malibu Beach, this figure still represents the premium quality of life and real estate in the hills of Malibu.
Malibu Hills vs. Malibu Beach
The choice between Malibu Hills and Malibu Beach often comes down to personal preference. Do you prefer direct beach access, or are sweeping ocean views from a hilltop more your style? Malibu Hills offers an alternative to beachside living while still embodying the essence of the luxurious Malibu lifestyle.