During the third quarter, luxury homes in Malibu Beach sold for an average of $9.433 million, the highest price tag for luxury residences in Los Angeles’ 33 premier markets.
Malibu’s average sales price also represented a 15 percent year-over-year increase in home values for the submarket, according to a report from Sotheby’s International Realty. The report considers luxury homes to be properties that sell for more than $3 million.
“The fact that Malibu Beach properties are increasing in price is quite profound considering predictions of a decrease amid the July 2015 initiative by Los Angeles County and the coastal commission,” said Frank Symons, executive vice president of Sotheby’s International Realty’s western region. That initiative provides more public beach access near beachfront properties.
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“There seems to be little hesitation from buyers or sellers to invest in the Malibu market as it still provides private beach access alongside public areas,” he added.
Fewer than 18 luxury homes sold in Malibu during the third quarter.
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The Beverly Hills market ranked second when it comes to highest average sales price. Luxury homes in the submarket traded on average for $9.428 million during the quarter, which is a year-over-year increase of 28 percent. Beverly Hills also saw 22 luxury sales close during the 3-month period.
In nearby Beverly Hills Post Office, the 18 luxury homes that sold during the quarter traded for an average of 7.582 million, a 29 percent year-over-year rise.
Other submarkets with high average prices included Sunset Strip-Hollywood Hills, $5.859 million, and downtown Los Angeles, $5.7 million.
Leading Los Angeles luxury markets in sales volume were Pacific Palisades, 34 transactions; Santa Monica, 23 transactions; and Brentwood, 23 transactions.
