August 2016 Real Estate Market Update for the 90803 Area of Long Beach
The 90803 market update includes the neighborhoods of Belmont Shore, Belmont Park, Belmont Heights, Naples, the Peninsula, Bluff Park, Bluff Heights, Spinnaker Bay and Spinnaker Cove, University Park Estate, and Bixby Village
After a peak at $1,179,000 in June, the median July 2016 home price was $955,000, 15.8% lower than it was last July.
The median sale price of single family homes in 90803 has fluctuated greatly in recent years, but continues to trend upwards despite the highs and lows over the months. Fluctuations in price are not unusual in 90803 and home prices in the area are still substantially higher than for Long Beach overall. As of July 2016, the median home price in Long Beach was $577,000.
There were 81 active listings in June and July of 2016. This marks a 6.9% decrease from the year before.
Though inventory in Long Beach is very low, the supply of homes for sale in 90803 is fairly balanced. There was a 4.3 month supply of homes on the market in June 2016, which reflects a 9.8% decrease from the year prior in July. Since February 2016, inventory has climbed in 90803, but has not reached anywhere near its peak in October 2014 of 5.7 months supply.
Condominiums in 90803
Condominium prices in Long Beach have fluctuated a lot in recent years, but appear to have found a norm over the last quarter. In July 2016, the median price of condos in 90803 was $448,500, which is a 6% drop from the year prior. Overall, condominium prices have improved since 2013.
Active listings have been increasing since March 2016 in 90803, briefly dropping in June before resuming their upward trend. There were 42 active listings in July 2016, which is an 4.5% decrease from the year prior in July.
Condominium inventory in Long Beach is overall around the same average as this area. In July 2016 there was a 3.4 month supply of condos, staying within the seller’s market range, but beginning to look good for buyers wanting to take advantage of low interest rates. Compared to a year ago in July, inventory has increased. However, in March 2016 there was just a 1.8 month supply, which is extremely low.