Median Home Price Up in 90803
Real Estate Information for Belmont Shore, Naples, Peninsula, Belmont Park and other neighborhoods in Long Beach 90803
After several months of showing declines, the median home price in 90803 increased last month to $1,106,563 – up 4.1% from November 2014. Here’s the latest on 90803 real estate trends.
The price per square foot of homes in 90803 showed some significant growth, up 29.1% in the past year to $599 as of November 2015.
The number of closed sales was down, however, from both the previous couple of months as well as from the same time last year.
As of last month, the average time on the market for homes selling in 90803 was 40 days. The fact that there were fewer sales despite the fact that homes are selling reasonably quickly may be a function of the relatively low inventory. As of November 2015, the inventory of available homes for sale was at a 5.1 months supply. Although that’s far above the level of inventory in Long Beach as a whole, it’s also 25.5% below the level at this time last year.
Condo Sales in 90803
Condo prices in 90803 are a slightly different story than single family homes. At $389,950, the median price for a condo in 90803 was $389,950 in November 2015, which is down from both the previous month as well as from the same time last year.
Meanwhile, the inventory of condos available in 90803 is at an extremely low level. With just a 1.5 month supply of condos for sale in the area, this represents a 50% decrease from the same time last year.
Anytime inventory is as low as it is right now, we experience what’s called a “seller’s market,” meaning that sellers have the upper hand when negotiating because supply is so far below current demand. Although spring and summer are traditionally considered by many to be the best time of year to sell a home, this winter is shaping up to be an excellent opportunity for sellers. If you’d like to find out what your home is worth in today’s market, fill out the form below and we’d be happy to provide you with a custom market evaluation.