January 2016 Market Update for the 90807 Area of Long Beach, CA
90807 Real Estate Statistics and Information
Including the Neighborhoods of California Heights, Bixby Knolls, Bixby Terrace, and Virginia Country Club.
Home prices in 90807 continued the upward trend in 2015 that they’ve been experiencing since 2012. Although the Dececember 2015 median home price of $617,500 was below the previous month, it was 17.6% above the previous December.
The supply of homes for sale in 90807 has fluctuated a fair amount since 2012. Last year the inventory of homes for sale declined dramatically, reaching a low of a 1.4 months’ supply in December 2015. This reflects a 46.2% decrease from the prior December.
Corresponding to the low inventory, active listings on the market has also decreased substantially since December 2014. In December 2015 there were 34 active listings on the market, which reflects a 38.2% decrease from the year prior in December. Furthermore, the number of active listings in December 2015 marked a record low since 2012.
Condominium Market Update for 90807
Like homes, the median price of condominiums in 90807 has also increased fairly consistently since 2012. In December of 2015, the median price of condos was $287,250, up 22.2% from the December prior.
Inventory of condos on the market in 90807 has remained fairly low since 2012, other than a peak of supply in 2014. In December of 2015, the supply was just 1.9 months, which reflects a 35% decrease from the year prior in December.
The current market is favorable for condo and home owners looking to put their home up for sale. Due to high median home prices and low inventory, sellers can expect their homes to sell quickly and for top dollar, assuming they choose an appropriate pricing strategy and the home is marketed effectively. If you would like to find out what your home is worth, fill out the form below and we’d be happy to provide you with a report.