90807 Market Update October 2016: 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
In September, the median single family home price in 90807 was $637,000, which is just about an 18% growth from September 2015. The area tends to do well later in the year, so it would not be unheard of to see a couple months of growth continuing from here before following the usual winter drop off.
The closing price of homes was typically 100% of the asking price in the month of September for homes in 90807. In comparison to last year’s 98.9% in September 2015, this shows that September 2016’s pricing was on point, and that buyers for the area were finding quality homes. Most of the summer saw similar results, with a short window of loss in August.
Inventory in 90807 experienced another decline in September, moving from a 3.2 to a 2.8 months supply of homes on the market. This is a distinct move back into a seller’s market, perhaps to mirror the same drop that happened in the last fall of 2015. With the appreciation home sale value, it’s worth looking into selling if you were considering it.
Condominiums in 90807
The median price of condominiums has seen a lot of back and forth on its drops and gains, seeing a big gain in July 2016 and then dropping down again this August and September. In September 2016, the median sale price for condos in 90807 was $238,999. This marks a 16% drop from the year prior.
In September, the number of pending sales increased for condos, indicating that while we see lowered sale value in September, we may see this bounce back up with the close of these sales.
The number of days a condo property would spend on the market improved substantially between August and September, dropping from 129 days to 50 days. While this may still feel like a long time in comparison to neighborhoods like Wrigley that are in the 20s, this is falling more in line with the usual trend for the 90807 area.
Bottom Line
90807 experienced some growth and losses across single family homes and condos, but overall the health of the area’s sales is good. 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.
