90804 Market Update: Real Estate Statistics and Information for the 90804 Areas of Long Beach, CA
Including the neighborhoods of Rose Park and Traffic Circle Area
With the exception of a peak of $575,000 in August 2015, home prices in 90804 are higher than they’ve been for several years. In January 2016, the median price of homes was $532,000, which reflects a 66.3% increase from the year prior in January. Last year, home prices surged in the summer months. If you are looking to buy a home in 90804 now is a good time to get a jump start.
The buying market in 90804 is competitive. Homes sold for 100% of the original asking price in January 2016, which is up slightly from the year prior in January.
Though Long Beach has low inventory right now, the supply of homes available in the 90804 neighborhoods is actually fairly balanced. In January 2016, there was a 3.2 months supply of homes available on the market. A balanced market means real estate is good for both buyers and sellers.
Condominiums in 90804
The price of condominiums in 90804 has slowly but mostly steadily increased since 2013. In January 2016, the median sale price was $267,000, up 9% from the year prior.
Condos in 90804 have been selling for close to the list price. In January 2016, the median percent of the original price received was 98.6%. This reflects a 2.9% increase in the list price to sales price ratio compared to the prior January.
In contrast to the supply of single family homes, the supply of condominiums in 90804 is very low. In January 2016, there was a 1.4 month supply of homes on the market, which is 56.5% lower than the year prior. Inventory has not been this low since 2013. If you are thinking about selling your condo, now is a great time if you hope to receive a high rate of return.
Bottom Line:
The real estate market in Long Beach is competitive. California is a hot destination for those looking to move and Long Beach continues to be an attractive city for home buyers. Due to the low inventory of condominiums in 90804, the market is favorable for sellers. However, for single family home buyers, the market is far more balanced.
