90802 Market Update: August 2016

90802

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.

Condos For Sale in 90802

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About the Author

Shannon Jones has been selling real estate since 1998 and specializes in listing and marketing homes. She has consistently been one of the top Realtors in the Long Beach area. Prior to her award-winning career in real estate with the Shannon jones Team, Shannon has had successful careers in journalism and public relations. She holds a bachelors degree from UC Irvine and a masters degree from UC Berkeley. Shannon holds E-Pro, CDPE (Certified Distressed Property Expert), and PSC (Pre-Foreclosure Specialist) certifications. Shannon is very personable and maintains a very strong moral compass, always putting the best interest of home buyers/sellers above monetary goals. A California native, Shannon enjoys gardening, travel, reading, cooking and poker when she’s not selling homes MY DESIGNATIONS Lic# 01247705 | CDPE (Certified Distressed Property Expert) | E-Pro | PSC (Pre-Foreclosure Specialist) MY SERVICE AREAS Anaheim Bellflower Buena Park Carson Cerritos Cypress Downey Fountain Valley Garden Grove Huntington Beach La Palma Lakewood Long Beach Los Alamitos Los Angeles County Norwalk Orange County Rossmoor San Pedro Seal Beach Signal Hill South Bay Westminster

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