Malibu Prices Stable, Sales Drop

Malibu home sales dropped in number for the third consecutive year, but prices remained relatively stable during 1992, according to a survey released by Dick Lowe of Malibu Country Realty and Mary Capdevielle of Jon Douglas Co.

The survey shows there were 268 transactions in 1992 in contrast with 363 the previous year, with a 27% decline in volume from $317 million to $230 million; however, the average cost of a beachside home was about $2.3 million, virtually unchanged from the 1991 average, and the average cost for a landside house declined only about 6%, from an estimated $1 million to $934,000.