90802 Real Estate Market Update
After two months of declines, the median price of single family homes in 90802 went up a little in November 2015. At $385,000, the median home price in 90802, which includes downtown Long Beach, is lower than it was at the beginning of the year.
However, closed sales of single family homes in 90802 have been very low as most of the area consists of businesses, condos, and multi-family housing. So, for example, there were just two houses that sold in 90802 in November 2015.
Condo Sales in 90802
In contrast, there were 31 condo that sold in 90802 in November 2015, down from a peak of 48 sales in August this year.
The median price for condominiums in 90802 in November 2015 was $290,000. While slightly lower than last month, it’s 11.5% higher than it was in November 2014.
The number of condo sales last month was 31, which remains consistent with November 2014, but is lower than it’s been since February of this year.
One factor impacting the volume of sales is the low inventory of available condos for sale in 90802. With just a 2.5 month supply, the inventory is lower than it’s been all year and 45.7% below this same time last year.
The lack of inventory, coupled with high demand, makes this a great time to sell a condo in 90802. Properties that are priced well and marketed effectively are selling reasonably quickly. The average time on the market as of last month was 51 days, down 20.3% from November 2014.
Seller’s Market in Long Beach
Anytime inventory is as low as it is right now, we experience what’s called a “seller’s market,” meaning that sellers have the upper hand when negotiating because supply is so far below current demand. Although spring and summer are traditionally considered by many to be the best time of year to sell a home, this winter is shaping up to be an excellent opportunity for sellers. If you’d like to find out what your home is worth in today’s market, fill out the form below and we’d be happy to provide you with a custom market evaluation.