Long Beach Real Estate Update – September 2015
Perhaps in part because of the tight inventory, closed sales of single family homes in Long Beach fell for the second month in a row in August and was slightly down over the same month last year.
The supply of homes for sale has been flat or decreasing for much of the year. Currently there is a 2.4 month inventory of homes, which is 27.3% less than the same time last year.
The median sales price, meanwhile, increased slightly from the previous month to $539000 but is up 14.7% over August 2014’s median home price.
The Long Beach real estate market has been hot. Many listings are selling relatively close to their list price, with the average being 98.3% of list price. And again, as a result of tight inventory, many listings are selling quickly. The median time on market as of August 2015 was 42 days, down 8.7% from this time last year.
Long Beach Condo Sales
Condo sales in Long Beach also fell for the second month in a row and are down over the same month last year.
The median condo price in Long Beach was $305,000 as of August 2015, an increase of 7% from August 2014 but down slightly from last month and from earlier this year.
The inventory of condos for sale in Long Beach is also low. The 2.5 month supply of condos on the market as of August 2015 represents a 39% decrease from this same time last year.
Perfect Time to Sell
The continued lack of inventory and a demand fueled by concern over potential interest rate volatility makes fall 2015 a great time to place a home on the market. There is still plenty of time to sell a home and be settled in a new home by the end of the year.
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