August 2016 Real Estate Market Update for the 90806 Area of Long Beach
Including the neighborhood of Wrigley and the Surrounding Areas of 90806
Home prices continue to rise in 90806. As of July 2016, the median price was $481,500, marking a 6.2% growth since last year around the same time. July’s median home price was slightly less than June, however this follows the pattern over the last three years. Even when they are rising, it’s common for prices to experience fluctuation throughout the year.
Homes are selling quickly in 90806, with the median time on the market at 31 days in the month of July. This has fluctuated at multiple points over the last several months, but follows a trend of generally short times on the market. In July 2015, the median time on the market was 34 days, illustrating a 8.8% reduction at the same time a year later.
One reason homes are selling relatively quickly is the lack of inventory of homes on the market in 90806. 1.9 months of supply was available in July 2016, making it an ideal time to list in combination with the lowered number of new listings that came on the market in the same time frame. July 2015 had a 2.9 month supply of inventory, marking a 26.9% decrease in inventory in July 2016.
Active listings in 90806 also declined in July, falling from a recent peak of 34 in April 2016 to 24 in July. In comparison to July 2015, the number of available listings has dropped 31.4%.
Closed home sales are also up in this area. In July 2016, 16 homes closed their sale, up by 45% since May. Furthermore, this marks a 14% increase in closed sales from July 2015. The neighborhood typically trends strong in the late summer and early fall, so it will be interesting to watch and see if there is sustained growth as predicted.
Bottom Line
The real estate market in 90806 is prime for those looking to sell their home. There is not a lot of competition and many people are looking to buy. If you’re thinking about putting your home on the market and want to get top dollar, give us a call today or fill out the form below!
