The Wrigley real estate market in Long Beach continues to be hot, with low inventory and high demand. The average sales price for homes sold in 90806 in May 2015 was $403,900, up from the previous month but slightly lower than in March 2015, when the average was $416,636.
The average price per square foot for homes sold in May 2015 was $330, up from the previous month as well as above the average last May.
Homes are selling quickly in the area, with the median time on market last month 26 days.
Ten homes closed escrow in 90806 in May 2015, which is consistent with sales volume for the past several months.
One factor limiting the sales volume is the number of homes that are actually on the market in Wrigley. 13 homes were listed last month, and there were 23 single family homes for sale in 90806 in May 2015, far below the 49 on the market a year ago.
The current inventory of homes for sale in 90806 represents a 1.8 month supply, compared to a 3.8 month supply in May 2014 and well below the peak in 2011 when there was a more than 7 month supply of homes for sale.
As a result of the low inventory and continued high demand, we are experiencing a “seller’s market” in the Wrigley area and homes are frequently selling at list price or very close to it, and in some cases above the list price. As of last month, the average list price to sales price ratio in the area was 98.8%.
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