There seems to be plenty of buyers, even with tight lending policies still in place, and plenty of cash to pump into prime real estate. If only more owners were selling.
The trend seems to be hitting Malibu also. Very low inventory. As an example, in March, 2012 the number of homes listed for sale for less than $2 million in the 90265 ZIP code was 54. This month it has been around 17. Higher price ranges have seen less dramatic drops in available homes, but reductions in inventory all the same. The pressure on prices upward, for both homes and condos, is unmistakable throughout every price tier.