Real Estate Market Conditions Wed, 06 Jul 2016 00:00:00 GMT Wed, 06 Jul 2016 00:00:00 GMT en-us January 2018 Long Beach Real Estate Market Conditions <p>The real estate market in Long Beach remains a strong seller's market. There continues to be a very low inventory of homes for sale, condos and single family homes and multiple-unit residential properties.&nbsp;</p><p><br></p><p>Demand, meanwhile, continues to be strong, despite the fact that interest rates have been on the rise lately.&nbsp;</p><p><br></p><p>January 2018 Statistics for Houses</p><p><br></p><p>Houses Sold: 116</p><p><br></p><p>Average Days on Market (DOM) for Houses: 35</p><p><br></p><p>Average Sales Price for Houses: $673,849</p><p><br></p><p>January 2018 Statistics for Condos</p><p><br></p><p>Condos Sold: 64</p><p><br></p><p>Average Days on Market for Condos: 36</p><p><br></p><p>Average Sales Price for Condos: $408,882</p><p><br></p> Fri, 16 Feb 2018 00:00:00 GMT January 2018 Long Beach Real Estate Market Report <p>The real estate market in Long Beach ended with very low inventory -- less than a two month supply -- and continued high demand, meaning the city has continued to experience a strong seller's market this winter.&nbsp;</p><p><br></p><p>New listings for single family homes in December 2017 were at 107, a 9.3% decline from the previous year. Meanwhile single family pending sales in December declined by 34.7% from the previous December and closed sales declined by 27.7%.</p><p><br></p><p>As of December 2017, the most recent statistical period, the following numbers apply:</p><p><br></p><p>Single Family Homes</p><p><br></p><p>Number of homes for sale: 295</p><p><br></p><p>Average Time on the Market: 36 Days</p><p><br></p><p>Median Sales Price: $587,750</p><p><br></p><p>Months Supply of Inventory: 1.7 months</p><p><br></p><p>Townhouses/Condos</p><p><br></p><p>Number of homes for sale: 153</p><p><br></p><p>Average Time on the Market: 31 Days</p><p><br></p><p>Median Sales Price: $367,500</p><p><br></p><p>Months Supply of Inventory: 1.5 months</p><p><br></p><p><br></p><p><br></p> Fri, 19 Jan 2018 00:00:00 GMT December 2017 Long Beach CA Real Estate Market Conditions <p>As we head into winter, the real estate market in Long Beach remains very hot, with many properties selling quickly, often at prices above the listing price with multiple offers.&nbsp;</p><p><br></p><p>The inventory of homes for sale in Long Beach remains extremely low. In November, there was just a 2 month supply of single family homes, down 4.8% from November 2016.</p><p><br></p><p>The median time on the market was 19 days, down 36.7% from a year earlier. Meanwhile, the median sales price for single family homes was $619,000, up 3.6% from a year ago.&nbsp;</p><p><br></p><p>Condominiums in Long Beach are also a hot commodity: In November, there was a 1.9 month supply of condos; median time on the market of 19 days; and the median sales price was $349,950, up 5.2% from a year ago.&nbsp;</p><p><br></p><p>Long Beach</p><p><br></p><p>SNAPSHOT OF LONG BEACH REAL ESTATE STATISTICS (as of 12/6/2017):</p><p><br></p><p>Number of Homes for Sale: 338 SFRs; 174 Condos</p><p><br></p><p>Number of Homes Sold in November 2017: 177 Houses; 89 Condos&nbsp;</p><p><br></p><p>Average Days on the Market: 35 Houses; 33 Condos</p><p><br></p><p>Median Price of Homes Sold in November 2017: $619,000 Houses; $349,950 Condos</p> Wed, 06 Dec 2017 00:00:00 GMT October 2012 Long Beach Real Estate Market Conditions <p dir="ltr" align="left">Last month, a Los Altos resident asked me what his home was worth during each of the last 5 years. I searched Los Altos homes with 1500 – 2000sf and was hit with a $30,000 jump in prices for 2012 vs 2011. Anecdotally, over the last several months, we have had multiple offers on our listings, with the goal of seeing how much we could push the price. So, it is clear, that the market is heading higher; but just how much and in what areas?</p> <p dir="ltr" align="left">I started by comparing citywide trends, 2011 vs 2012 year to date. This yielded a rather tepid increase of only 3.22% for all homes in Long Beach. But a $13,000 price increase is certainly better than the large price drops we experienced every year since late 2007.</p> <p dir="ltr" align="left">The trade up neighborhoods of Belmont Shore, Naples, Park Estates, Bixby Hill and University Park Estates were up only 1.74% year over year. While the entry level market of North Long Beach was essentially flat. The big winner was the neighborhood of Los Altos, which was up 5.6% versus 2011</p> Wed, 07 Nov 2012 00:00:00 GMT Inventory of Homes VERY low <p dir="ltr" align="left">Certainly one of the big reasons for prices bottoming out and then heading back up is the low inventory. Lack of inventory has been a real problem. As we've seen, there are plenty of buyers interested in purchasing property but the problem is that in most instances there just isn’t enough supply.</p> <p dir="ltr" align="left">One of the on going threats to the housing recovery has been the alleged “Shadow Inventory”, which can be defined as the "Pending supply of distressed property that will hit the market?" To me this threat is over estimated, and locally in Long Beach, not even a real threat. I personally wish that this shadow inventory was a reality, not because I want prices to go down, but because this would mean there are not enough properties for the buyers I represent. It has yet to be seen if this shadow inventory will ever materialize, at least as far as Long Beach is concerned. This is apparent in the drying up of short sale listings which can confirm my hypothesis.</p> Wed, 07 Nov 2012 00:00:00 GMT