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March 2007 The year 2006 did not set as many records as the previous two years. The inventory was less than before and the number of sales reflects the decline in inventory. In the year 2006, there were 47 sales landside compared to 77 sales in the prior year 2005, which is approximately a 38% drop in the number of transactions. The price range in 2005 varied from a $460,000 low to a high of $1,600,000. This year the lowest sale was $515,000 and a hugh of $1,580,000, however 15 of the 47 units sold for over $1 million. The days on the market for the landside market was 59 days, the same as in 2005. On the beach side, the number of transactions also declined. In 2005 there were 41 sales compared to 30 in 2006 which is approximately a 27% decrease over the prior year. In 2005 the lowest sale was $590,000 but in 2006 the lowest sale was $433,318, however on the high end the sales figures rose. In 2005 the highest sale was $3,475,000 and this year the high went to $4,100,000. As in 2005, more than half the units that sold were over $1 million. The days on the market went down from 87 days in 2005 to 73 days in 2006. Change has happened in the condo market. The buyers are even more cautious with the increase in the mortage rates which has kept some of the first time buyers out of the market in Malibu. The variance in the prices, both on the landside and on the beach, was not that great, but the decline in the number of transactions indicate a resistance to price. The current inventory is low but condos are sitting on the market for more than 2 months. New buyers and those down-sizing are looking but they are in no hurry to purchase. If you own a condo, it is a good time to sell as there is not much competition. The condo "bubble" did not burst. The market is right if you are looking to sell. If you would like a free market analysis, please either email me at judy@searchmailbu.net or call me on my direct line (310) 317-1735. I know the condo market and if you want an expert -- contact me. Judy Van Schoyck |
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