After a dip in May, the median home price in Wrigley climbed in June 2015 to $437,500, its highest level so far this year. Wrigley home price appreciation has lagged behind the overall trend in Long Beach, however.
The inventory of homes for sale in Wrigley has been in decline each month this year and continued that trend last month, dipping to a 1.6 month supply of homes for sale. In comparison, Long Beach overall has a 2.6 month supply of homes for sale.
The low inventory contributed to speedy sales in June 2015, with Wrigley’s closed home sales averaging just 22 days on market, far below the 65 days on market average in January. The average days on market for homes sold in Long Beach in June was 65.
Closed sales in Wrigley reached their highest point this year in June with 16 closed sales. That volume, however, was below the spike in sales that occurred between July and October of 2014.
As of July 8, 2015, there were 14 homes on the market in Wrigley, ranging in price from $299,900 to $575,000. Additionally, there were 17 homes in “pending” status, in escrow, and an additional 10 homes in “backup” status, meaning they are under contract but the homeowners would consider backup offers.
Homes that are priced well and in great condition are in high demand in Wrigley right now as more first-time buyers are entering the market, propelled in part by the fear of interest rates inching up. With the low inventory and high demand, this is a good time to list and sell a home in the Wrigley neighborhood. If you’re wondering what these statistics mean for the price of your Wrigley home, you can obtain a fast, automated report on your home’s value at PriceMyLongBeachHome.com. Or call The Shannon Jones Team at 562.896.2456 and we’d be happy to prepare a more detailed, personalized valuation report for you.