In this market update, we’re looking at the latest housing market statistics available, from October 2022. Based on the data, it’s clear that we’re experiencing a softening of the housing market. New listings, closed sales, and pending sales have all declined compared to October 2021. The median sales price in Long Beach was $850,000, which is up 0.8% from last year. The percentage of the original list price received in October was 97.5%, which declined -4.5% from last year.
What do these market statistics mean for home sellers and home buyers? For sellers, it means that the marketing and pricing of your home are incredibly important in this market. Insufficient marketing or pricing could lead to your home languishing on the market. For home buyers, this market actually presents more opportunities for you. The list price-to-sales ratio has declined, leaving you with more room to bargain.
What do these numbers mean?
If you’re a potential home seller or buyer in today’s market, here are some suggested next steps:
Sellers
The word on the street is that the real estate market is shifting quickly! For some potential home sellers, this news can come off as disconcerting and can be looked at as a missed opportunity. However, it just means that extra measures must be taken to sell your home successfully. A strong pricing strategy, a proven marketing plan, and an experienced agent are all important factors when selling your home in a shifting market. The real estate experts at The Shannon Jones Team can help you put your best foot forward in the home selling process.
To get started, with the selling process click HERE for a free home valuation. You can also give us a call at 562.896.2456, or fill out the contact form at the bottom of the page. We’d love to chat and figure out what your home is worth and whether selling is the right move for you!
Thinking of selling your home because you want to downsize? Check out our downsizing blog HERE!
Download your free seller’s guide HERE.
Buyers
The market is starting to look up for potential home buyers. If you’ve been waiting on the sidelines to purchase a home, it might be time for you to start up your home search again. Inventory is beginning to rise, giving home buyers more options and negotiating power. It’s still imperative that you start your home search early and with experts by your side. The right real estate agent will be able to guide you through the home buying process and take away some of the stress that comes with buying a home.
Give us a call at 562.896.2456 so we can set up an appointment for you with a lender and start talking budget. We can also set up a personalized home search for you so you can be the first to know when new listings hit the market.
Download your free buyer’s guide HERE.
Breakdown of Long Beach’s Numbers
If you’d like to know about the statistics in your neighborhood or you’re curious about the value of your home in Long Beach CA or surrounding areas, let us know. We’d be happy to help.
For a quick snapshot of the different zip codes, please scroll down for more information.
Long Beach
Lakewood
Signal Hill
Long Beach Zip Codes
While much of Long Beach’s real estate market is similar, there is some variation between zip codes, as illustrated by the numbers below. If you’d like more information, please reach out to us.
90802
90803
90804
90805
90806
90807
90808
90813
90814
90815
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