January 2016 Market Update for the 90802 area of Long Beach, CA
90802 Real Estate Statistics and Information
Including the Neighborhoods of Downtown, East Village, and Alamitos Beach
Home prices rose modestly last year in 90802 for both single family homes and condos. The median home price in 90802 last month was $455,000, which is up slightly from December 2014.
However, only a handful of property sales in 90802 were single family homes. There were three closed sales of single family homes in December of 2015. This reflects a 200% increase from the year prior. Most of the housing in 90802 is either condominiums or apartments. There were 54 closed sales of condominiums in December of 2015, the highest level since 2012 and up 45.9% from the previous December.
Condominium Prices in 90802
For condominiums, the median sales price was $309,000 in December 2015, up 7.7% higher from the prior December.
The supply of condos for sale in 90802 is lower than it’s been since 2012. Last month, there was a 2 month supply of condos for sale, which is 44% below the same time last year.
Sellers Market
Based on the current data, now is a great time for sellers to put their home on the market in downtown Long Beach and other 90802 neighborhoods. Potential buyers are seeking properties in 90802 but there are not a lot of homes to choose from. If you would like to find out what your home is worth in today’s market, fill out the form below and we would be happy to provide you with a custom market evaluation.
