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
With the exception of a few large fluctuations, home prices in 90802 have remained fairly constant in the past three years. A high peak of $912,000 occurred in August 2014. In February 2016 the median price of homes was $366,500. This is up just slightly from the month prior and up 4.7% from the year prior in February.
Active listings for single family homes for sale in 90802 have fluctuated a lot in the past three years. There were only five active listings in February 2016, but this is actually up 25% from February 2015.
Inventory in 90802 is low, but higher than Long Beach as a whole. Inventory was fairly balanced just a few months ago in January at 3.9 months. However, that number has since decreased. In February 2016 there was a 2.5 month supply of homes available. This reflects a 56.3% increase from the year prior in February.
Condominiums in 90802
The bulk of housing for sale in 90802 consists of condominiums. The median price of condos in 90802 has increased about $100,000 over the past three years. The median price reached a peak of $347,000 in January of this year and then dropped slightly last month. In February 2016, the median price of condos in 90802 was $335,000, which is up 21.6% from February 2015.
The number of active condo listings for sale in 90802 experienced a large surge in September 2014 but has declined significantly since then. In February 2016 there were 90 active listings.
The low number of active condo listings for sale in 90802 combined with relatively high demand translates into low inventory. In February 2016 there was a 2.2 month supply of condos on the market in 90802. A 4-6 month supply of homes is considered balanced between sellers and buyers so the current market strongly favors sellers.
Sellers Market
Inventory is low and demand is high in 90802. If you have been thinking about putting your home on the market in 90802, now is a great time!
