January 2016 Market Update for the 90804 Area of Long Beach, CA
90804 Market Update: Statistics and Information
Including the Neighborhoods of Rose Park and Traffic Circle Areas.
The median home price in the 90804 area of Long Beach increased by 13.8% between December 2014 and December of 2015. The overall trend of the price of homes in 90804 has gone up since 2012. However, the median price of homes in December 2015 was $494,950, which is lower than the peak of $575,000 that occurred earlier in the year.
The supply of homes in 90804 was 1.9 months in December 2015 – the lowest it has ever been since 2012 and 36.7% lower than the supply of homes available the previous December. Overall, the supply of homes for sale has been declining since 2012.
Condominiums in 90804
The price of condominiums in 90804 has steadily increased since 2012. In December 2015, the median price of condos was $297,500, up 16.7% from the December prior and just slightly below a peak of $305,000 in July 2015.
The inventory of condominiums for sale in 90804 decreased 51.6 percent from December 2014 to December 2015. The supply of condos was 1.5 months in December 2015.
Sellers Market
An inventory of 4 to 6 months worth of homes for sale is considered a balanced market. Below that is a seller’s market, and above would be a buyer’s market. Currently 90804 is experiencing a strong seller’s market. If you’re thinking about selling your home or condo, now is a great time! If you’d like to know what your home is worth, fill out the form below and we’d be happy to provide you with a report.
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