90815 Market Update: Real Estate Statistics and Information for the 90815 Areas of Long Beach, CA
Including the Neighborhoods of Los Altos, Park Estates, La Marina Estates, and other 90815 Areas of Long Beach
The median home price in 90815 sat at $650,000 last month, showing a slight decline after a fairly steady spring and early summer. The price value peaked at $720,000 in February 2016, but in comparison to the same time last year, August’s values showed a 6.1% growth. Despite the occasional drop, property in this area continues to appreciate in value.
The number of new listings available in 90815 experienced a dip in August, going from 43 in July to 35. Typically from November to December, we see a very substantial drop in new listings, and current new listings are already lower than the year before.
Inventory as a whole is very low in 90815, and even with a late summer of inventory growth, the supply is still only 1.7 months worth. This puts housing firmly in a seller’s market, although a slight increase in inventory means that would-be buyers have a few more options.
Condominiums in 90815
Condo prices in 90815 grew in August 2016 to a median of $395,000, which in comparison to July’s $352,500 is pretty substantial. In comparison to last year, this is a 28.3% increase in value.
The number of active listings in August was very low, sitting at 9 available condos. This can potentially drive buyers to close on the condos currently in the market, setting 90815 up for an inventory shortage in the following month as we saw going from July to August.
Inventory in 90815 dropped again in August 2016 to a 1.8 months supply. Much like the single family home market, this is very much a seller’s market for condos, despite having seen a brief rise in inventory in 2016.
Inventory in 90815 is low for both single family homes and condos, meaning that this is a strong sellers’ market. If you have been thinking about selling your home or condo, now is a great time with low competition.