Mid-way through 2015, the Long Beach real estate market remains hot, driven in large part by an increase in prices and demand coupled with a decline in inventory.
Other than a dip in April, median home prices in Long Beach have been climbing all year, increasing to $562,500 in June, up 14.5% from June 2014.
Closed sales fell earlier this year but made up ground in the past couple months, with 238 houses selling in June 2015, a 47.8% increase over June 2014.
And although new listings in June were higher than they have been all year, with 307 houses newly listed on the market, the supply of homes still remained low.
As of June 2015, there was a 2.3 month supply of homes, down from the 3.1 month supply in June 2014 and well within the range of what’s considered a “seller’s market.” Typically, anything less than a supply of 4 to 6 months worth of inventory is considered a seller’s market, meaning there are more buyers seeking homes than homes for them to choose from.
As a result, homes are selling relatively quickly in Long Beach. The average time on the market is 62 days, down 11.4% from June 2014.
Additionally, many homes are selling at or very close to their list price. On average, as of June 2015, homes sold for 98.6% of their original list price.
Long Beach Condo Statistics
While prices for Long Beach houses have increased significantly, condo price appreciation has been slower. As of June 2015, the median condo price in Long Beach was $298,000, slightly down from the previous month and up 4.2% from June 2014. The supply of condos is also low, with a 2.7 month supply.
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