June 2016 Real Estate Market Update for the 90804 Area of Long Beach
Including the neighborhoods of Rose Park and Traffic Circle Area
The median home price in 90804 was 22.5% higher in May 2016 than a year ago, but below the peaks that were experienced earlier this year. Home prices have fluctuated in the area, but the general trend appears to be an increase.
There were 12 closed home sales in 90804 in May 2016. Though there were just two closed sales in February, since then the number has climbed substantially. While the number of closed sales have fluctuated a lot in recent years, the number of closed sales in May 2016 was 300% higher than the previous May.
The inventory of homes for sale is quite low in 90804. In May 2016 there was a 2.5 month supply of homes for sale, representing a 35.9% decline from the previous May. Such a market is strongly favorable for seller’s because demand outweighs supply.
Condominiums in 90804
The price of condominiums in 90804 jumped last month to its highest point in recent years. In May 2016, the median condo price in 90804 was $338,500, which reflects a 42.8% increase from a year ago in May.
There were 10 closed condominium sales in May 2016. Though slightly up from the month prior, closed sales are down 41.2% from May 2015, which could be a result of the low inventory.
Condominium inventory is very low in 90806. While a balanced market is considered 4-6 months, there was just a 1.5 month supply in May 2016. This is down 40% from the year prior in May.
The real estate market in 90804 is prime for seller’s right now. With few homes on the market, there is a high demand from buyers. If you’re thinking about putting your home on the market, give us a call or fill out the form and we’d be happy to help!