The inventory of homes for sale in 90804 fell last month to its lowest level in years. The 2 month supply is significantly lower than the 4.6 month supply in April or the 4.3 month supply at the same time last year.
Meanwhile, the median price for homes in 90804 was $433,500 in November 2015, which is level with the previous month and up nearly 10% since November 2014.
Condo Sales in 90804
The median price for condos in 90804 in November 2015 was lower than the previous month, but at $255,000, it was still 109% higher than in November 2014.
The supply of condos for sale in 90804 was at a 1.3 month supply as of last month, its lowest level all year and down 58.1% from the same time last year.
Seller’s Market
Anytime inventory is as low as it is right now, we experience what’s called a “seller’s market,” meaning that sellers have the upper hand when negotiating because supply is so far below current demand. Although spring and summer are traditionally considered by many to be the best time of year to sell a home, this winter is shaping up to be an excellent opportunity for sellers. If you’d like to find out what your home is worth in today’s market, fill out the form below and we’d be happy to provide you with a custom market evaluation.
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