When one thinks of luxury real estate in Southern California, Beverly Hills or Malibu may be more high profile. But Long Beach has its own luxury market, which is thriving despite the pandemic. Here are some of the Long Beach CA luxury real estate trends, specifically for homes above $2 million.
Trend #1
The number of Long Beach listings overall was down in July when compared to last year. However, when looking at listings of $2 million or more, the number of listings was up.
Trend #2
The number of active listings is also down overall in Long Beach. However, in homes over $2 million, active listings are way up! There were 38 active listings in July 2020 compared to 27 last July.
Trend #3
Closed sales for homes over $2 million was roughly the same at this time last year. However, closed home sales in Long Beach overall is down from this time last year.
Trend #4
Median days on the market are up slightly for luxury listings over $2 million. Last month, they spent an average of 62 days on the market compared to 21 last July. However, when looking at all homes in Long Beach, days on the market is down to just 13 days! Last July it was 17 days.
Ready to Buy?
Clearly, the luxury real estate market is still strong in Long Beach despite COVID-19. If you’re ready to search for your own luxury home, please check out the list below or click here. Our search for a home tool is interactive so you don’t have to be looking for a luxury listing to use it. You can look for any home within your price range.
