What’s Going On with the Real Estate Market in 90803?
After declining earlier this year, median home prices in 90803 have been on the upswing. In July 2015, the median home price in 90803 was $1,127,000, up $115,500 from June 2015 and $147,000 higher than in July 2014.
The number of closed home sales in 90803 was slightly higher than July 2014 but down from June. Nonetheless, the 21 home sales in July far exceeded the 6 sales that occurred in January of this year.
If you are thinking of selling your home in Belmont Shore, Naples, Belmont Park or other 90803 neighborhoods, now is a great time to sell for top dollar. Since the beginning of the year, the median percentage of original price to sales price has been on an upward trend. As of July 2015, the median percentage was at 98.2%, which is the highest it has been in the past four years.
While much of Long Beach is experiencing a shortage of housing inventory with only about a 2 month supply of available homes for sale, 90803 is about a five month supply of homes for sale. This is considerably higher than it was earlier this year.
Condo sales prices in 90803 have not been appreciating as quickly as house prices. As of July 2015, the median condo sales price in 90803 was $522,000. While up significantly from the previous month, that represents a decline from January 2015 as well as from July 2014.
If you are thinking of buying a condo in 90803, there are plenty of options for you to choose from. In July 2015, there were 29 new condo listings. There were only 15 new listings in June.
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