long beach market update

Long Beach Market Update – March 2016

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Long Beach, CA Real Estate Statistics and Information

Single Family Homes in Long Beach

The median price of homes in Long Beach has increased substantially over the past three years. The rise has been slow and steady, reaching a peak of $567,000 in June 2015. In February 2016, the median price of homes in Long Beach was $555,500, which reflects a 11.4% increase from the prior February. Home prices tend to increase in the summer months so if you are thinking about buying a new home, it’s a good idea to get a head start now.

The supply of homes for sale in Long Beach is the lowest it has been in recent years. It has been steadily decreasing over the past two years. In February 2016 there was a 1.7 month supply of homes in Long Beach. This is down 37% from the year prior in February. For sellers, the low inventory and high demand means that now is a great time to put a home on the market.

The number of active home listings in Long Beach is also the lowest it has been in recent years. In February 2016 there were 344 active listings, which is down 30.1% from February 2015. With so few homes on the market, sellers can expect competitive offers on their home.

The length of time it takes to sell a home in Long Beach has fluctuated greatly. However, typically, homes sell faster in the spring and summer months. In February 2016, the median days on market was 51, which is up 15.9% from the year prior in February.

Condos in Long Beach

The median price of condos in Long Beach is the highest it has been in recent years. In February 2016, the median price was $315,000, up 17.4% from February 2015. Like single family home prices, condo prices have been on the rise for the past few years. Since March 2013, prices have jumped over $100,000.

The supply of condos for salein Long Beach is the lowest it has been in recent years. In February 2016 there was a 1.9 month supply. This is quite low, considering a balanced market is between four and six months.

The number of active condo listings on the market is extremely low in Long Beach. In the past year, the number of active listings has declined.

The number of days a condo stays on the market in Long Beach fluctuates a lot. In February 2016, homes stayed on the market for a median of 53 days. The lowest median to occur in recent years was 33 days in July 2013.

Sellers Market

There are very few homes on the market in Long Beach. This means that it’s a great time for sellers because demand is extremely competitive. If you’re thinking about putting your home on the market and wondering about the value, give us a call and we’d be happy to provide you with a comprehensive analysis. Our aggressive marketing plan will help you get top dollar for your home.

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