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
Home prices in 90802 have had an interesting ride so far this year, having started low in January of 2016 before rising abruptly in the spring. July 2016 showed some slowed growth after period of high growth in spring, with the average home price sitting at $378,581.
Active listings for single family homes for sale in 90802 continue to be relatively low in comparison to demand. July marks a return to the average high for 90802 since 2015, with a dramatic rise in comparison to May and June of 2016, showing a 350% growth.
Inventory for the region has increased, but is presently lower than Long Beach as a whole. Inventory drastically decreased after March, hitting a low at 0.7 months available. July marked an increase to 2.4 months of inventory. This reflects a 20% decrease from the same time last year, when 3 months of available inventory was on the market.
Condominiums in 90802
The bulk of housing for sale in 90802 consists of condominiums. The median price of condos has increased about $100,000 over the past three years. The median price reached a peak of $375,000 in April of this year before dropping in the summer. In July 2016, the median price of condos was $299,000, which is up 8.33% from July 2015.
The number of active condo listings for sale has dramatically risen from February’s 105 active listings to 162 in July.
Increased condominium inventory was seen recently in 90802 . In July 2016 there was a 4 month supply of condos on the market in this region. A 4-6 month supply of homes is considered balanced between sellers and buyers so the current market is balanced for sellers and buyers alike.
A Varied Playing Field
Single family homes continue to be within a seller’s market, making it a good time to sell if you’re thinking about it. By contrast, now may be a good time to look at condominiums in the area if you were looking at the Downtown, East Village, and Alamitos Beach neighborhoods. With low interest rates making mortgages more accessible for first-time buyers, it’s a good time to get your feet wet.