What’s Going On With Long Beach Real Estate?
With prices up, inventory down and homes selling quickly, the fall housing market is a great time for home sellers in Long Beach.
After taking a dip in September, the median home price in Long Beach increased to $525,400 last month, which is 7.9% higher than in October 2014.
Homes are still selling relatively quickly in Long Beach. In October, the median days on market for a home to sell was 44, which was 8.3% less than in October 2014.
The number of homes for sale in Long Beach has been declining and as of October, it was 21.8% lower than last year. There is currently about a 2.2 month supply of homes for sale, down 29% from this time last year.
Most homes are also selling very close to list price. As of last month, the median selling price was 99.3% of the listing price, slightly up from last year.
Long Beach Condo Market
Median prices for Long Beach condos have also been increasing, though at a more modest rate than for single family homes. As of October 2015, the median price for a Long Beach condo was $310,000 – up 3.3% from October 2014.
As with houses, inventory has been declining. As of last month, there was a 2.2 month supply of inventory of condos for sale in Long Beach, down 42.1% from October 2014.
If you are thinking of selling your home, doing so when the inventory is low and demand is high could benefit you. If you’d like to know what your home is currently worth in today’s real estate market, fill out the form below and we’d be happy to assist you.