The LA Times recently reported that home prices in metro LA rose 12.1% last year. That’s impressive. And yet it’s nowhere near as impressive as the gains we are seeing in Sunset Mesa area of Malibu. According to the MLS, in Q1 of 2012 there were 5 homes sold in Sunset Mesa at an average price of $1,373,426. One year later, increased demand fueled by falling interest rates and economic recovery, coupled with a historic lack of inventory, and we are seeing an almost 30% increase in home prices. Average sales price in Q1 2013 was $1,779,483.
This is staggering news. Not only have prices shot up, but other key data is also impressive. Days on market dropped by almost half from 150 in 2012 to 80 this year. Sold price to List price went from an 8.5% discount to a 3% premium – a crystal clear indication that sellers are calling the shots as buyers compete for the small pool of available homes.
What does this mean for you?
When buyers compete for your home, you call the shots.
So if you’re thinking about selling, call me today for a no-obligation consultation. My listings still beat the impressive stats in Sunset Mesa – on average selling at a 7% premium in about half the time.
I’d be happy to provide you with a free market evaluation of your home.
