The summer fire of the Malibu real estate market has spread to the fall season and Thanksgiving is coming up and Christmas is 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 shrunk since last year. There's currently 212 active single family homes on the market and 59 single family homes in escrow. Â 11 single family homes have been reported as sold in November already (as of 11/12/12), and that's not even including confidential sales. Last year, there was only 13 total sales in Malibu in the month of November.Â
Malibu 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, and new homes that come on the market that are priced competitively are selling instantly with multiple offers.