What’s the latest with the Long Beach real estate market?
After five months of increases, the median home price in Long Beach dropped a little in July 2015. Yet at $520,000, the median price of a single family home in Long Beach is still 9.5% higher than in July 2014.
Closed sales last month were also slightly down from the previous month, but up from July 2014. A total of 228 single family homes sold last month, up 15.2% from the previous year.
Available homes for sale in Long Beach declined last month to 438, 25.4% below the same time last year and the lowest Long Beach has seen since March 2013. That represents a 2.3 month supply of homes for sale.
Homes are selling reasonably quickly in Long Beach. The median time on the market in July 2015 was 41 days, down 8.9% from July 2014.
Condo Real Estate Market in Long Beach
Meanwhile, condo prices in Long Beach have also been appreciating. In July 2015, the median price for a condo in Long Beach was $311,000, up 6.9% from July 2014.
The inventory of condos for sale in Long Beach is just under 3 months.
Wondering what your home is worth? Give us a call at 562.896.2456 and we’d be happy to provide you with a comparative market analysis (CMA) or simply fill out the form below.