October 2016 Real Estate Market Update for the 90806 Area of Long Beach
Including the neighborhood of Wrigley and the Surrounding Areas of 90806
Home prices continue to rise in 90806 as a trend, with September seeing some gains after a brief dip downward in August. As of September 2016, the median price was $462,000, which marks a 14.8% rise from the same time last year. Historically, Wrigley does very well during the late fall, so we anticipate seeing another rise in the future as home sales continue.
The number of new listings in 90806 increased in September, likely following the trend of improved fall sales. This is good for both buyer and seller alike, as it will make more homes available for people looking, but offer higher demand than is seen during the rest of the year. At 17 new listings, this is one less than September 2015, indicating that property is in short supply overall.
The median number of days that homes spend on the market in 90806 is incredibly low, at only 22 days. With properties in short supply, unique builds, and a good neighborhood for people looking for the more suburban environment with access to Long Beach’s downtown, people buy quickly in this neighborhood. While this figure tends to change from month to month, this is a case where it’s better to move quickly if you’re interested in something available.
Inventory in 90806 increased in September, going from August’s 1.8 months supply to 2.4 months supply. At 4 to 6 months being more of a regular supply, this is extremely low even with the rise in inventory.
The real estate market in 90806 continues to be competitive, with few available options and lots of quick sales. If you’re looking to move and have a home in this area, the next month is ideal to list, so if you’ve been thinking about it and are ready to get the ball rolling, give us a call!