February 2016 Real Estate Market Update for the 90803 Area of Long Beach, CA
Real Estate Statistics and Information
Including 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
Though home prices in 90803 have fluctuated a fair amount since 2013, the general trend shows that prices are increasing. However, the median price of single family homes in January 2016 decreased slightly from January 2015. The median price was $986,000 in January 2016, down 4.3% from January 2015.
The number of closed sales in 90803 has fluctuated even more than the price of homes. The lowest number of closed sales that occurred since 2013 was 6 sales in January 2015. That number increased to 8 closed sales in January of 2016. The highest number of closed sales 90803 saw was 27 in June 2015. Statistics show that closed sales tend to increase quite a bit in spring and summer, so if you’re in the market to buy or sell a home, now is the time to get started.
Similar to the pattern of closed sales, the median days a home has stayed on the market in 90803 has fluctuated a lot. In January 2016 the median days on the market was 68. This is down 16% from the year prior in January.
Although the overall inventory of homes for sale in Long Beach is at about a two months’ supply, it’s a bit higher in 90803. In January 2016, the inventory of homes for sale in 90803 was at a 3.8 months supply, which is typically considered a balanced sellers and buyers market. This means it’s a good time for both buyers and sellers in 90803.
Condominiums in 90803
The median sales price for condominiums in 90803 is fairly low right now. In January 2016 the median sales price was $392,500. Though this is a 4.7% increase from the year prior in January, it’s down quite a bit from the recent peak sales price of $490,000 in November 2014.
In contrast to the inventory of single family homes in 90803, the inventory of condos in 90803 is extremely low. In fact, in January 2016 inventory reached a record low of 1.3 months supply, down 59.4% from January 2015. If you’re thinking about selling your condominium in 90803, now is a great time.
If you are thinking about selling your condominium in 90803, now is a good time because demand is quite high. However, for those looking to buy a single family home in 90803, the market is balanced between buyers and sellers.