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Long Beach, CA Market Update: June 2016

shannonjones Buying a Home , Featured Articles , Long Beach , long beach homes , Long Beach Real Estate , Real Estate , Real Estate Market Update Leave a Comment

Long Beach, CA Real Estate Statistics and Information

Single Family Homes in Long Beach

Home prices are rising in Long Beach. At $565,000 in May 2016, the median price was 8.7% higher than a year ago in May. With a busy summer season in real estate approaching, now is a great time for home owners looking to sell their home for top dollar.

Inventory in Long Beach is at the lowest it has been in recent years. In May 2016 there was only a 1.8 month supply of homes on the market. Long Beach has not seen a balanced inventory since August 2014, when there was 3.4 month supply of homes. In the past few months, inventory has steadily decreased, resulting in a very strong seller’s market.

Homes are selling very fast in Long Beach. In May 2016, the median number of days a home stayed on the market was 37. Since December of 2015, this number has decreased rapidly and reflects a 2.6% decrease from the year prior in May.

Condos in Long Beach

The median price of condominiums in Long Beach is the highest it has been in recent years. In May 2016 the median price was $347,000, which is 13.9% higher than last year in May.

The supply of condominiums in Long Beach is low, but not quite as low as the supply of single family homes. In May 2016, there was a 2.5 month supply, which reflects a 10.7% decrease from the year prior in May.

Condos stayed on the market in Long Beach for a median of 44 days in May 2016. Though the number of days a home stayed on the market in Long Beach has fluctuated a lot in recent years, the current number signifies that condos are selling quickly.

Bottom Line

Long Beach real estate experienced a busy spring season and many experts predict summer to be even busier. With rising home prices and low inventory, the market strongly favors seller’s. If you’ve been thinking about selling your home in Long Beach and want to get top dollar, give us a call today or fill out the form below.

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About the Author

shannonjones

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Shannon Jones has been helping home buyers and sellers in and around Long Beach since 1998.

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