90815 Market Update: August 2016

shannonjones Long Beach , Long Beach Real Estate , Los Altos Neighborhood , Real Estate Market Update Leave a Comment

90815 Market Update: Real Estate Statistics and Information for the 90815 Areas of Long Beach, CA

Including the Neighborhoods of Los Altos, Park Estates, La Marina Estates, and other 90815 Areas of Long Beach

The median home price in 90815 sat at $655,000 last month, showing some growth after a fairly steady spring and early summer. The price value peaked at $720,000 in February 2016, but in comparison to the same time last year, July’s values showed a 15.9% growth. Despite the occasional drop, property in this area continues to appreciate in value.

The number of active homes available in 90815 experienced an extreme low point in May 2016 at 26 houses, before rising gradually to 54 in July 2016. This is still 12 listings lower than the year prior, marking an 18% reduction.

With the low number of homes for sale in 90815 and a high demand, the area saw listings grow to generally sell for 100% of the original listed price in July.

Condominiums in 90815

Condo prices in 90815 have shown some big swings in value over the past few years, but generally trends upwards overall. Last month the median price of condos in 90815 was $352,500, down slightly from June 2016 but up 8.5% from the prior July.

The number of new listings in July was notably low, adding only 5 in comparison to May 2016’s 13. This can potentially drive buyers to close on the condos currently in the market, setting 90815 up for an inventory shortage in the following month.

The low number of inventory has led this region to be a seller’s market for condominiums for a three year streak. In July 2016 there was a 2.1 month supply of condos on the market. This means we are in a strong seller’s market.

Sellers Market

Inventory in 90815 is low for both single family homes and condos, meaning that this is a strong sellers’ market. If you have been thinking about selling your home or condo, now is a great time!

Homes Sold in 90815

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