June 2016 Real Estate Market Update for the 90806 Area of Long Beach
Including the neighborhood of Wrigley and the Surrounding Areas of 90806
Home prices are on the rise in 90806. As of May 2016, the median price was $450,000, which is 7.4% higher than the previous May. May’s median home price in 90806 was also higher than that in April, but lower than earlier this year. Even when they are rising, it’s common for prices to experience fluctuation throughout the year.
Homes are generally selling quickly in 90806. In May 2016, the median time on the market was 22 days, which is 15.4% below May 2015 and lower than it’s been for several years.
One reason homes are selling relatively quickly is the lack of inventory of homes on the market in 90806. There was just a 1.8 month supply of homes for sale in May 2016, which is below the 2.3 month supply in April and below the 2.1 month supply in May 2015.
Condominiums in 90806
Condo prices have fluctuated greatly in 90806. After showing a sharp dip in March 2016, the median condo price in 90806 jumped significantly in May 2016. At $297,000 last month, the median condo price in 90806 is 4.2% higher than the previous May. However, 90806 does not have a lot condos, as the area is primarily comprised of single family homes.
Earlier this year, the median time on market for condos in 90806 jumped to 134. In May 2016 condos stayed on the market for a median of 52 days. This reflects a 14.8% decrease from the year prior in May.
There was a 1.6 month supply of condos on the market in May 2016. Though this is very low, it’s actually up 23.1% from the year prior in May.
Bottom Line
The real estate market in 90806 is prime for those looking to sell their home. There is not a lot of competition and many people are looking to buy. If you’re thinking about putting your home on the market and want to get top dollar, give us a call today or fill out the form below!
