This Long Beach real estate market update for October 2016 shows that even though we’re heading into the holidays, the fall has been the strong market that we’ve anticipated. Cooling temperatures (and a few heat waves!) haven’t deterred the locals here in California from buying and selling.
Single family homes saw an appreciation of value in Long Beach, with the median sales price hitting its highest mark in a three year history. At $600,000, homes in Long Beach show all the positive growth that has been forecasted for coastal regions in California.
The number of new listings in Long Beach dropped in September 2016, going from 285 to 221 between August and September. This is fairly in line with an annual pattern that happens prior to the winter, though September 2015 still had 15 more listings that came onto the market in comparison to this year.
The median number of days that properties were on the market fell. At 35 days on average as of September 2016, Long Beach’s single family homes are selling quickly, 18% percent faster than they were in September 2015.
Inventory has been on a slow but steady rise for single family homes, coming in at 2.7 months supply as of September 2016. This is still solidly a sellers market, but marks an increasing amount of opportunities for buyers. The increase of inventory is pretty typical for the end of the year, so it will be interesting to see if we see another drop in the spring and summer of 2017.
Condominiums in Long Beach
Condominiums have had a slightly rougher September, but overall is quite healthy. The median sales price dropped to $310,000 from $335,000 in August, but is still on the higher end in comparison to the past three years. September 2015’s median was $302,500, which would make September 2016’s value a 2.5% increase from the year before.
The inventory of condos in Long Beach has been up and down slightly for months. At a 2.9 months supply, inventory is still in a seller’s favor, but is much improved for buyers from December 2015’s low of 2.2 months supply.
The bulk of the selling year has been strong for Long Beach all the way into the fall, which is great for families looking to move. If you’re thinking of selling, now’s still a good time to consider it as Southern California property values continue to appreciate. For buyers, any increase represents more options for you, so continue to keep an eye on listings and prepare to pounce when you see your dream home.
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.