Long Beach Real Estate Market Update
October 2015
After a slight decrease over the summer months, the number of closed sales on single family homes is on the rise again throughout Long Beach. In September 2015 there were 227 closed sales, which is 15.2% higher than this time last year.
Overall, the inventory of available single family homes for sale in Long Beach has been decreasing this past year. For September 2015, there was a 2.4 months supply, which is 25% lower than last year.
The median sales price for single family homes in Long Beach has been jumping around a bit this past year. After a peak in June, the median price dropped in September 2015 to $499,900.
Long Beach is becoming a more and more desirable city to live in, and likely because of that combined with the low inventory, houses have been selling rather quickly this past year. The median days on market has been more or less around a month and a half, with September averaging out at 43 days.
Long Beach Condo Sales
After a slight drop over the summer months, Long Beach condo sales are up again. This September saw 109 closed condo sales, which ranks as the third-highest month of the year and is 21.1% higher than September 2014.
The median sales price for condos has been trending up over the past several years, and this month followed suit. In September, the median condo sales price came to $315,000, which is $15.6% higher than this time last year.
Perhaps due to increased popularity in Long Beach condos, the months supply of inventory declined for the third month in a row. Currently there is a 2.6 months supply, which is 36.6% lower than last year.
A great time to sell!
This market is great for anyone looking to sell their Long Beach home or condo. Sales are up in both categories, and inventory for both is low. (Hint: low inventory means less competition, and less competition means more money in your pocket!)
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