February 2016 Real Estate Market Update for 90803 Area of Long Beach, CA
90803 Market Update Includes the Neighborhoods of Belmont Shore, Belmont Park, Belmont Heights, Naples, the Peninsula, Bluff Park, Bluff Heights, Spinnaker Bay and Spinnaker Cove, University Park Estates, and Bixby Village
The median home price in 90803 was $985,500 in February 2016, which is up 13% from a year ago. In February 2016 the median home price was $985,500. Prices have been somewhat sporadic in 90803 and last month’s median price is below several peaks that occurred last year.
In general, the number of active listings on the market in 90803 has increased in the summer months. However, there has been a lot of fluctuation with periods of extreme highs and lows. As of February 2016, there were 65 homes for sale in 90803.
Inventory in 90803 is actually fairly balanced. Though most areas of Long Beach are experiencing a home supply of two months or less, 90803 had a 3.6 month supply of homes on the market as of February 2016.
Condominiums in 90803
Though condominium prices have fluctuated a lot in 90803, the median price in February 2016 was higher than it’s been for a couple years. At $489,450, the median condo price in 90803 was 28% higher than a year ago.
Active listings increased from 22 to 28 in the last month but are still down 28.2% from February 2015.
Though inventory of single family homes is fairly balanced, condominium inventory is fairly low. The month supply climbed a bit from last month, but there is still just a two month supply. This is 44.4% lower than a year ago in February.
Bottom Line
Now is a great time for both buyers and sellers of single family homes in 90803. The market is more favorable for condominium sellers though. If you are thinking about putting your condo on the market, give us a call and we can help!
