Long Beach Real Estate Market Update December 2015

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* Home Prices and Other Long Beach Real Estate Statistics *

The median price for homes in Long Beach increased slightly last month, rising to $536,000, which is 8.3% higher than November 2014 but still below its peak in June.
The price per square foot as of last month was 9.5% higher than a year ago, but down from the previous month.

On average, homes have been selling very close to list price – at 99.1% of original list price as of November 2015. And they’ve been selling relatively quickly. As of November 2015, the average time on the market was 42 days, which is 16% less than in November 2014.

Closed sales, however, declined dramatically last month, from 220 to 148 closed sales.

The inventory of available homes for sale also fell. With just a 1.8 month supply of homes as of November 2015, this is a bit below October and 40% below the same time last year.

Long Beach Condo Statistics

The median price for Long Beach condos leveled a bit in November, yet at $305,000, it is still 11.2% higher than it was in November 2014.

The inventory of condos for sale in Long Beach is also very low. With a 1.9 month supply of condos for sale, it’s slightly below October 2014 and 48.6% below it was this time last year.

Bottom Line

The low inventory of available houses and condos for sale in Long Beach makes this an excellent time to sell a home. Right now there are a number of buyers who want to take advantage of the low interest rates and few homes for them to choose from. Despite the holidays, this could be a good time to take advantage of the seller’s market.

If you’d like to find out the value of your home, please fill out the form below and we’d be happy to provide you with that information.

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