90814 Market Update – January 2016
Real Estate Statistics and Information
Including the Neighborhoods of Carroll Park, Bluff Heights, Rose Park South, and other 90814 Neighborhoods of Long Beach
Home prices in 90814 are among the highest in Long Beach. In the past three years, home prices in these neighborhoods have nearly doubled. Prices reached a peak of $940,000 in July 2015. In December of 2015, prices decreased to $804,000, which is up 28.8% from the year prior in December.
Though home prices have risen substantially since 2012, the price per square foot of homes in 90814 has remained relatively level. With the exception of a substantial peak in May 2015 at $623 per square foot, the price per square foot in 90814 has only increased slightly over the past three years. In December 2015, the median price per square foot was $473, up 15.1% from the December prior.
The inventory of homes for sale in 90814 has decreased drastically in the past three years. In December of 2015, the inventory was just 1.6 months.
Condominiums in 90814
Condominium prices in 90814 are close to the highest they’ve ever been in the past three years. In December 2015, the median price was $345,000, up 17% from the previous December. This is also just the slightest bit below the peak price of $347,450 that occurred in March 2014.
The price per square foot of condos in 90814 reached an all time high in December 2015. The median price per square foot was $385, up 6.1% from December 2014.
Inventory of condos for sale in 90814 is also very low. In December 2015 the supply was 1.3 months, down 40.9% from the previous December. This supply is far below what a balanced market looks like.
The above data shows us that the market in 90814 is in favor of sellers. Home prices are high and inventory is low, which means that sellers can expect their home to sell quickly and for top dollar if they price it appropriately and it’s marketed effectively. If you would like to find out what your home is worth, fill out the form below and we’d be happy to provide you with a report.