9/24/2007

Sales Activity Comparisons for Long Beach and Cerritos

The number of houses selling over $1,000,000 in the 90803 zip code now equal about half of total sales of single family homes during July and August. While there are those who say that this fact skews the overall median price, it's still a fact that there is a market in this price range where it did not exist a few short years ago. In August, the AVERAGE sales price of 17 closed escrows, per the MLS, was $1,283,876 at an average of 64 days on market with the selling price about 91% of the original list price. In July, 25 properties closed escrow after an average of 68 days on the market at an average selling price of $1,408,653, at 92% of the original list price. The lower end of sales in this area was around $600,000, and up.

If these prices shock you, just look at the blue-footed doobie for a minute.

The story for July and August of 2006 for 90803 was almost the same for average price and number of sales (18 for both months), but the average time on market was MUCH longer: 124 days on market in July and 97 days on market for the average sale of $1,175,000 in August.

The story in Cerritos is similar: August of 2006 saw 53 days on the market, July was 42 days on market. August of 2007 was 26 days on the market (half the time to sell from one year ago) and July of 2007 the average sale time was 29 days on the market.

For both years the sale to list price percentage is higher than Long Beach--in July of 2006 it was 97% of the original list price and in July of 2007 it was 95% of the original list price. The average sale price has declined in those two months to $715,789 for August and $747,754 for July of 2007.
If you still want to be in Long Beach near the beach, the house at the right is on the market for $689,900 in Belmont Heights. For more information, call me or go to www.juliahuntsman.com and find 261 Grand on the property search engine.

'Voice this!

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