Long Beach Real Estate Market Heats Up
Home sales were up and the supply of homes for sale continued to decline last month in Long Beach. Homes that are priced well, show well and are effectively marketed are selling very quickly and multiple offers are becoming more and more common.
Closed sales hit their highest peak in Long Beach last month since October 2014, with 223 single family homes sold.
We expect even more closed sales in the months to come since pending sales spiked significantly last month, up to 264 from 170 the previous month.
New listings in April 2015 were level at 273, consistent with 271 the prior month.
Overall, the inventory declined. The number of homes for sale in April 2015 was 379, compared to 492 last April and 1,040 in April 2010.
Low interest rates and a fear of rising prices have created significant buyer demand and that combined with the low number of homes for sale has resulted in a two-month supply of homes, the lowest it’s been since March 2013. That means that if no additional listings were placed on the market, the inventory of homes for sale would be depleted in two months given the current demand.
The average home price in Long Beach last month was $539,618, down slightly from the previous month and from a year ago in April 2014, when the average price was $563,302. As you can see from the chart below, it’s not uncommon for an overall upward price trend to show some variation month to month.
The average days on market, average time it takes a home to sell, was 67 days last month compared to 57 in March 2015.
Spring is one of the most popular times to sell a home and there are lots of reasons to move-up this spring rather than waiting.
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