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.