90807 real estate

90807 Real Estate Market Update – December 2015

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

What’s Going On With 90807 Real Estate?

Statistics for California Heights, Bixby Knolls, Bixby Terrace, Virginia Country Club & Other 90807 Neighborhoods

 

The median sales price for homes in 90807 jumped in November 2015 to its highest point this year – and for several years. At $692,000, the median price is up 38.4% since November 2014. Here’s all the latest on 90807 real estate..

Closed sales of homes in 90807 were down significantly last month, both from the previous month and from November 2014.

The inventory of available homes for sale also declined significantly in November 2015. With a 1.5 month supply of homes for sale, that represents a 50% decline from the same time last year.
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Iterestingly, however, the time it takes to sell homes increased. The median days on market as of last month was 69 – up 81.6% from November 2014.

Condo Sales in 90807

While prices for single family homes in 90807 have gone up, condo prices have declined. The median condo price in 90807 in November 2015 was $220,000, which represents a 19.1% decline from the same time last year.

The inventory of condos for sale in California Heights, Bixby Knolls and other 9087 neighborhoods is very low. As of November 2015, there was less than a month’s supply, which represents a 65.4% decrease 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.

Homes for Sale in 90807

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