90806 Market Update: Real Estate Statistics and Information for the 90806 Areas of Long Beach, CA
Includes Real Estate Information for Wrigley and the Surrounding Areas of 90806
Although the median home price in 90806 dipped slightly in February 2016, it still represents a 7.8% increase from the prior February. Despite fluctuations, home prices in 90806 have gone up by about $100,000 over the past few years.
The number of active listings in 90806 is at its lowest level in years. In February 2016 there were just 17 active listings on the market in 90806, which represents a 34.6% drop from February 2015.
Not surprisingly, given the low number of active listings and high demand, the inventory of available homes for sale in Wrigley also hit a low point last month. In February 2016 there was just a 1.3 month supply of homes for sale in 90806. This is 35% lower than inventory the year prior in February. Inventory has not been at a level that’s considered “balanced” since the summer of 2014.
Condominiums in 90806
The median price of condos in 90806 dropped substantially in the past month. In December 2016 the median price reached a peak of $315,900. However, a month later in February, the median price dropped to $231,000. This dip continues an erratic pattern of condo pricing in 90806. The erratic pattern is in part due to the fact that there aren’t many condos in 90806.
There are very few active condo listings in 90806. In February 2016 there were just two active listings. However, in February 2015 there was just one active listing.
The supply of condos in 90806 has dropped quite a bit in recent months. In October 2015 there was a six month supply of homes. Inventory has since dropped to a 1.5 month supply in February 2016. This is considered very low and strongly favors sellers.
Sellers Market
Inventory is quite low in the Wrigley neighborhood. People are shopping for homes but there just aren’t enough homes on the market to meet the demand. If you are thinking about selling your home in 90806, now is a great time.
