90807 Market Update: August 2016

shannonjones Bixby Knolls , Long Beach Real Estate , Real Estate , Real Estate Market Update Leave a Comment

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 experiencing periods of decline and growth going into July 2016. In July, the median home price in 90807 was $569,500, which is 8.7% below July 2015. If the area value continues to follow the growth pattern of the last three years, value may rise again in the coming months.

The original asking price of homes in 90807 have been consistently accepted over the last three months, with a 100% success rate going into July. This can be a combination of factors, ranging from placing good pricing from the beginning of listing to the value of the house itself.

Inventory in 90807 has steadily grown back up since January 2016, experiencing another decrease in June before ascending again in July by a small quantity. The July 2016 inventory had 2.7 months of supply, which still indicates a strong seller’s market. By comparison, the inventory is 3.8% higher than it was in July 2015.

Condominiums in 90807

The median price of condominiums has experienced substantial fluctuation in the past three years. In July, the mdeian price of a condo in this area was $320,000, reaching a high for the 2016 year so far and is 20.8% higher than values in July 2015

In July, there were 8 active listings for condos on the market in 90807. This is equal to the amount of listings available in July of 2015.

Inventory in 90807 has remained fairly low with the exception of a major surge in the summer of 2014. At a 1.5 month supply, this is a great time to list your condo for sale with high value and low active listings.

Bottom Line

In both single family homes and condominiums, inventory is notably low, with few available options for buyers making it extremely competitive. If you have been thinking about selling your home in 90807, now is a great time to talk to speak with a realtor or to get an estimate on your home.

Homes Sold in 90807

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