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01/26/2019

Malibu, California, Sees Sharp Fall in Home Sales After Fires

Malibu saw a sharp decline in house sales in the wake of the deadly November wildfires in California, with transactions in the area falling nearly 40% in the fourth quarter of 2018, according to data released Thursday by brokerage Douglas Elliman.

The Woolsey Fire ripped through Malibu, one of the priciest real estate markets in the U.S., and parts of Ventura County for two weeks in mid-November. The blaze killed three people and destroyed more than 1,600 structures, including some multimillion-dollar homes of the rich and famous.

More: After Devastating Wildfires, California Markets Start 2019 on a Sour Note

Condo sales in Malibu also took a hit in the fourth quarter, sinking to a meager eight transactions.

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