What was the impact of COVID-19 on the Malibu Real Estate market?

Malibu Market Trends for Homes in Malibu over $2 million:

• Pre-COVID (2019): 79 homes sold

• 2020 (COVID-19 Impact): 177 homes sold, illustrating a significant increase as buyers sought spacious properties for remote work and safety.

• 2021 (Continued Demand): 256 homes sold, peaking interest in luxury and secluded living.

Post-COVID Adjustments:

• 2022: 215 homes sold – beginning of the decline of sales.

• 2023: Sales normalized to 130 homes as market cooled down.

• 2024 (to date): 42 homes sold, reflecting a stabilizing market and possibly tighter inventory.

Real Estate Industry Trends in California:

• Increased Demand for Suburban Homes: Trends have shown a shift from city centers to suburbs as remote work becomes more prevalent.

• Technology Integration: Virtual tours and digital closings have become more common, enhancing the buying and selling process.

• Sustainability Concerns: A growing trend towards environmentally friendly homes and features.

Point Dume Peacocks: The Flock is growing!

Note: Real estate commissions are and always havebeen negotiable. If you have any questions, feel free to contact Pamela Conley Ulich. Broker/Associate Douglas Elliman Sports & Entertainment Division, DRE 1906130. [email protected]