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The real estate market in Malibu has been experiencing notable changes recently. While the market is not particularly competitive, home prices have seen a substantial rise. This dynamic presents a mixed picture for both buyers and sellers in the Malibu area.
Despite the considerable hike in home prices, the Malibu real estate market is not very competitive. This suggests that buyers may find more options and flexibility than in a hot market, but sellers might need to be more patient.
The average sale price has dramatically increased, rising to nearly $5 million, up 52.9% since last year. The sale price per square foot has also seen a slight increase, at 4.3%, which may indicate that larger homes are seeing more demand.
On average, homes are taking 71 days to sell, which is 12 days longer than last year's figure of 59 days. This longer time on market could indicate that buyers are taking their time to make decisions or negotiate, given the high price tags on Malibu homes.
The Malibu real estate market has shown a considerable rise in median sale prices, up by 52.9% compared to the previous year. Despite this increase, the market is not as competitive as one might expect, which could be advantageous for buyers seeking less bidding competition. However, the number of homes sold has declined, and properties are staying on the market longer, suggesting that while sellers are achieving higher prices, they may need to exercise patience to secure a sale. Overall, it's a market where buyers may find opportunities, but they need to be prepared for high property costs.
