September 2016 Real Estate Market Update for the 90803 Area of Long Beach
The 90803 market update includes the neighborhoods of Belmont Shore, Belmont Park, Belmont Heights, Naples, the Peninsula, Bluff Park, Bluff Heights, Spinnaker Bay and Spinnaker Cove, University Park Estate, and Bixby Village
The median sale price of single family homes in 90803 has fluctuated greatly in recent years, but continues to trend upwards despite the highs and lows over the months. Fluctuations in price are not unusual in 90803 and home prices in the area are still substantially higher than for Long Beach overall. After a brief but harsh drop in July at $955,000, the median sales price for single family homes in 90803 came back up to $992,500, which marked a 3.9% growth from month to month.
There were 76 active listings in August 2016, which continues a trend of dropping inventory that began in June. This marks a 11.6% decrease from the year before.
Though inventory in Long Beach is very low, the supply of homes for sale in 90803 is fairly balanced. There was a 4.3 month supply of homes on the market in August 2016, which reflects a 12.2% decrease from the year prior in August. Inventory for single family homes has begun another decline as of June 2016.
Condominiums in 90803
Condominium prices in Long Beach have fluctuated a lot in recent years, but appear to have found a norm over the last quarter. In July 2016, the median price of condos in 90803 was $492,450, which is a 23.11% increase from the year prior. This marks an improvement in condominium from the last high in February 2016.
The number of new listings decreased in 90803, dropping from 23 in July to 17 in August. This is the same number of new listings that were present in August 2015.
Condominium inventory is on the rise after a year’s worth of low availability. In August 2016 there was a 3.5 month supply of condos, staying within the seller’s market range, but
Overall in comparison to the rest of the city, the inventory for both condominiums and single family houses is well within range of the seller’s market, but is also reasonable to buyers as well. Fall frequently marks a time of fewer but faster sales as buyers who didn’t see their new home in the summer continue looking to purchase, so we may yet see another value increase as inventory increases slow going into the holidays.
