90802 Market Update

90802 Market Update: Real Estate Statistics and Information for the 90802 Areas of Long Beach, CA

Including the Neighborhoods of Downtown, East Village, and Alamitos Beach

The price of homes in 90802 have remained fairly consistent, with the exception of a major price surge in August 2014. At $291,000 in January 2016, the median price is 36% lower than the year prior in January. However, 90802 is a mostly condominium filled area of Long Beach so the number of condos sold in 90802 far exceeds single family homes sold.

In January 2016 there were seven active single family home listings and one closed sale. The number of active listings has fluctuated a lot in 90802. However, the market has way more active condominium listings.

After a dip in December, the inventory of single family homes in 90802 iincreased in January 2016, rising to a 3.9 month supply of homes on the market. This reflects a 95% increase from January 2015.

Condominiums in 90802

The price of condominiums in 90802 is higher than it’s been for several years. Since 2013, condominium prices have increased fairly steadily. In January 2016, the median price was $347,000, which reflects a 31.2% increase from the year prior in January. Just in the past two months, the median price increased from $290,000 to $347,000.

The number of active condo listings in 90802 is quite low. In January 2016 there were 89 active listings, down 21.2% from the year prior and at the lowest level since early 2013.

Coinciding with the low number of active listings, inventory is also very low. In January 2016, there was a 2.2 month supply of condos on the market in 90802, which reflects a 37.1% decrease from the year prior in January. Overall, inventory has not been this low since March 2013.

Bottom Line

The market is extremely competitive for those looking to buy a condominium in 90802. For sellers this means a high rate of return can be expected. If you are thinking about selling or buying a single family home in 90802, the market is quite balanced, meaning both sellers and buyers can benefit equally.