Mid-Year Review of the Lakewood Village Real Estate Market
The real estate market in Lakewood Village has been somewhat volatile compared to Long Beach overall. The median home price in Lakewood Village in June 2015 was $590,000, up slightly from the previous month and $70,000 above last June’s median price of $520,000 but considerably lower than the January spike to a median price of $765,000.
The median price per square foot for homes sold in June 2015 was $345 in June 2015, up slightly from $337 per square foot in June 2014, but down from the previous month, and slightly lower than the overall price per square foot in Long Beach.
Meanwhile, the supply of homes remained relatively low in Lakewood Village and Long Beach overall, with a 2.2 month and 2.5 month inventory of homes for sale respectively. As of July 7th, there were five homes on the market in Lakewood Village, ranging from $649,000 to $1,100,000. Additionally, there were eight homes in escrow, either in “pending” or “backup” status, meaning the sellers would still consider back up offers. The listing prices on the homes in escrow ranged from $449,000 to $825,000.
The average time on market for the homes that closed escrow in Lakewood Village was 20 days, but many homes currently listed and in escrow have been for sale much longer than that. The average time on the market for homes in “backup” status is 124, for pending 135. And the average time on the market for active listings as of July 7th was 41 days.