Long Beach Market Update August 2016

Downtown Long Beach

Long Beach Real Estate

This Long Beach market update for August 2016 has some positive flux for buyers and sellers alike. While home prices continued to be strong and inventory remained relatively low in July, closed sales fell in Long Beach.

There were 216 single family homes sold in July, fewer than the previous month and 6% lower than last July.

The median sales price for single family homes in July 2016 was $577,000, down a little from the previous month but up 10% from last July.

 

The supply of homes for sale in Long Beach increased in July, from a 2.2 month inventory to a 2.7 month supply. Anything less than a 4 month supply of homes is typically considered a “seller’s market,” particularly when demand is high, as it is right now. Many buyers are seeking to take advantage of the continued low interest rates.

 

Perhaps as a result of the high demand, homes in Long Beach are selling quickly. In July, the median days on market was 37, nearly 12 percent faster than this time last year.

For those looking to both buy and sell, the opportunity to take advantage of low interest rates and a slightly more balanced inventory is appealing. This fall leading into August 2016 could be a great time to either “move up” or “downsize.”

If you’re interested in finding out the current value of your home, we’d be happy to prepare a market evaluation for you. Either give us a call at 562-896-2456 or fill out the form below.

 

About the Author

Shannon Jones has been selling real estate since 1998 and specializes in listing and marketing homes. She has consistently been one of the top Realtors in the Long Beach area. Prior to her award-winning career in real estate with the Shannon jones Team, Shannon has had successful careers in journalism and public relations. She holds a bachelors degree from UC Irvine and a masters degree from UC Berkeley. Shannon holds E-Pro, CDPE (Certified Distressed Property Expert), and PSC (Pre-Foreclosure Specialist) certifications. Shannon is very personable and maintains a very strong moral compass, always putting the best interest of home buyers/sellers above monetary goals. A California native, Shannon enjoys gardening, travel, reading, cooking and poker when she’s not selling homes MY DESIGNATIONS Lic# 01247705 | CDPE (Certified Distressed Property Expert) | E-Pro | PSC (Pre-Foreclosure Specialist) MY SERVICE AREAS Anaheim Bellflower Buena Park Carson Cerritos Cypress Downey Fountain Valley Garden Grove Huntington Beach La Palma Lakewood Long Beach Los Alamitos Los Angeles County Norwalk Orange County Rossmoor San Pedro Seal Beach Signal Hill South Bay Westminster

Leave a Reply

Your email address will not be published. Required fields are marked *