90807 Market Update: Real Estate Statistics and Information for the 90807 Areas of Long Beach, CA
Including the Neighborhoods of California Heights, Bixby Knolls, Bixby Terrace, and Virginia Country Club
Home prices in 90807 have been very volatile over the past several years, peaking in November 2015 at $692,000 and then declining for the past two months. In January 2016, the median home price in 90807 was $520,000, which is 22.6% below January 2015.
Median home prices in an area may vary in any given month depending on the number, size and type of homes that sell. Though home prices have decreased in 90807, the price per square foot has actually increased fairly consistently since 2013. In January 2016, the median price per square foot was $415. This reflects a 23.5% increase from January 2015.
Inventory in 90807 is lower than it’s been for several years, with just a 1.4 month supply of homes for sale as of January 2016. This is 54.8% lower than the inventory level in January 2015. If you’re thinking about selling your home in 90807, now is a good time.
Condominiums in 90807
The median price of condominiums has experienced substantial fluctuation in the past three years. In January 2016, the median price was $210,000, which is down 34.3% from the year prior in January.
The price per square foot of condos in 90807 has also experienced some fluctuation since 2013 but has mostly increased. In January 2016, the median price per square foot was $288. This represents a 29.1% increase from the year prior in January.
Inventory in 90807 has remained fairly low with the exception of a major surge in the summer of 2014. In January 2016 there was a 2.3 month supply of homes on the market. Though this reflects a 27.8% increase from January 2015, it is still a low inventory that favors sellers.
Bottom Line
With significantly low inventory, the real estate market in 90807 is favorable for sellers. For buyers, the market is extremely competitive. If you have been thinking about selling your home in 90807, now is a great time to talk to a knowledgeable realtor!
