90802 Real Estate Market Update
October 2015
Including the neighborhoods of Downtown, East Village, and Alamitos Beach.
90802 Condos
The number of closed sales of 90802 condos has jumped around a bit this year, and dropped to 40 sales this past month. This, however, is still 14.3% higher than this time last year.
Median sales prices for 90802 condos has been up and down over the last year, and September was a month where the price dropped a bit. Currently the median sales price is at $289,500. That price is down $10,500 from the previous month yet still 4.9% higher than this time last year.
Condos in this area of Long Beach are very desirable due to their close proximity to the beach and to all of the downtown amenities. Because of their popularity, it comes as no surprise that the inventory of condos for sale in 90802 has been declining over the past year. Currently the inventory is at a 2.8 months supply, which is 47.2% lower than this time last year.
90802 Homes
Home sales in 90802 are known for jumping around a bit, but the numbers have stayed consistent for the second month in a row. This September, there were 5 closed sales of 90802 single family homes.
The inventory of 90802 homes dropped drastically this past month, landing at 2.9 months supply. This is down from a 4.5 months supply in August.
Median sales price for single family homes, however, followed the opposite trend. The price jumped dramatically from $110,000 in August to $327,000 in September. Surprisingly though, this is still 32.6% lower than the prices last year.
The median number of days on market in this area has been a bit sporadic this past year, but dropped slightly to an average of 36 days on market. This is down 41% from last year.
This is a great market for both buyers and sellers!
Whether you’re looking to buy or looking to sell in the 90802 area, there are current market trends that will benefit both sides of the spectrum! Contact us today at 562.896.2456 and we’d be happy to help you with any of your real estate needs.
