Long Beach Market Update

Long Beach Market Update February 2016

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Long Beach, CA Real Estate Statistics and Information

 

Single Family Homes in Long Beach

Home prices in Long Beach are on the rise. Since 2013, the median sales price has steadily increased. California is a top destination for home buyers and Long Beach is no exception. The median sales price for homes in Long Beach was $518,00 in January 2016. This is up slightly from the year prior in January, but down from $556,500 in December 2015. The highest recent peak in home prices occurred in June 2015, which was $566,000.

Summer months tend to result in more home sales so if you’re thinking about buying a home in Long Beach, now is a good time to get a head start. Overall, home prices have increased and are expected to continue to rise, as the real estate market in Long Beach is very competitive.

Supply of Homes for Sale in Long Beach CA

The supply of homes on the market in Long Beach is at a record low. In January 2016 there was a 1.8 months supply of homes available. This is down 35% from the prior January. Though buyers are looking in Long Beach, the availability of homes for sale is extremely low and therefore offers are expected to be competitive. If you are thinking about selling your home in Long Beach, now is a great time.

Not surprisingly, the number of active home listings in Long Beach is also at a record low. In January 2016, there were 361 active listings. This reflects a 27.8% decrease from the year prior in January.

The median days a home stayed on the market in Long Beach has fluctuated quite a bit since 2013. Compared to last year in January, the median time a home took to sell decreased 11.9%. In January 2016, the median days on the market was 52.

Condominiums in Long Beach

The price of condominiums in Long Beach has also steadily increased since 2013, reaching a peak price of $309,000 in October 2015 and then dropping slightly. In January 2016 the median sales price was $285,000. This reflects no change from the year prior in January.

The supply of condominiums on the market in Long Beach is very low. In January 2016 there was a two month supply of homes available. This is a 35.5% decrease from the year prior. A low inventory signifies that sellers can expect a high rate of return on their home since demand is higher than supply.

Coinciding with a low inventory, active condo listings is also quite low. In January 2016 there were 189 active listings on the market, down 21.9% from the year prior.

Condominiums tend to stay on the market the same amount of time as single family homes in Long Beach. In January 2016, they stayed on the market for a median of 56 days, which reflects a 20% decrease from January 2015.

Sellers Market

Due to the very low supply of homes available on the market in Long Beach, the real estate market favors sellers. People are looking to buy in Long Beach, but there are not enough homes for sale to keep up with the demand. A low inventory results in a competitive buyers market. If you are thinking about selling your home in Long Beach, now is a great time if you hope to receive a strong offer.

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