90804 Market Update: October 2016

90804 Market Update

October 2016 Real Estate Market Update for the 90804 Area of Long Beach

Including the neighborhoods of Rose Park and Traffic Circle Area

The number of closed listings on the market for single family homes in the 90804 area took a substantial dive in the month of September, aligning with a decreased number of new available listings. With 3 closed sales, this is a 42% decrease from the year prior’s 7 closed sales. At first blush, this looks quite dire, but it follows a pattern that the region experiences periodically over the last three years.

We lead with the number of sales to better explain the median sales price for the area. With only 3 closed listings, it’s not unusual to see that there also was a drop in median sale price, dropping from $518,000 in August to $390,000 in September. Before this sounds any alarms, the number of closed listings indicate that September was a weak month for sales, and that many of the people who chose to wait until late August and September to list will not start seeing the close until October. We anticipate this should bounce back up in the next report.

The inventory of homes for sale has decreased again in 90804, likely due to the switch in seasons and priorities for many families. In September 2016 there was a 3.3 month supply of homes for sale, which makes it a seller’s market. The market in these neighborhoods tends to fluctuate strongly, so if inventory follows the pattern from the last year, we should see another increase in inventory going into next early spring.

Condominiums in 90804

The price of condominiums in 90804 decreased from August to September of 2016. The median condo price in September was $275,000, but in comparison to last year’s $230,000 in September 2016, this is still 19.5% more than the same time the year before.

The number of pending sales in 90804 has increased in September 2016, indicating that we should show better sales going into October. At 12 pending listings, this is a 100% increase from the year before around the same time. We anticipate another spike upwards going into the next month.

Condominiums that sold in 90804 are generally selling for their asking prices in September, which indicates good pricing practices as well as less time on the market. While inventory has increased going into the fall, the interest in these properties continues to ensure they sell when listed.

Bottom Line

The neighborhoods within 90804 did not have a strong September, but historical data indicates that October and November are typically good. For those wanting to list their home on the market, we suggest you speak with a realtor soon to take advantage of the late fall surges that have been seen in the past. Having a keen eye on your property to help you prepare and move quickly is invaluable.

Homes For Sale in 90804

About the Author

Shannon Jones has been selling real estate since 1998 and specializes in listing and marketing homes. She has consistently been one of the top Realtors in the Long Beach area. Prior to her award-winning career in real estate with the Shannon jones Team, Shannon has had successful careers in journalism and public relations. She holds a bachelors degree from UC Irvine and a masters degree from UC Berkeley. Shannon holds E-Pro, CDPE (Certified Distressed Property Expert), and PSC (Pre-Foreclosure Specialist) certifications. Shannon is very personable and maintains a very strong moral compass, always putting the best interest of home buyers/sellers above monetary goals. A California native, Shannon enjoys gardening, travel, reading, cooking and poker when she’s not selling homes MY DESIGNATIONS Lic# 01247705 | CDPE (Certified Distressed Property Expert) | E-Pro | PSC (Pre-Foreclosure Specialist) MY SERVICE AREAS Anaheim Bellflower Buena Park Carson Cerritos Cypress Downey Fountain Valley Garden Grove Huntington Beach La Palma Lakewood Long Beach Los Alamitos Los Angeles County Norwalk Orange County Rossmoor San Pedro Seal Beach Signal Hill South Bay Westminster

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