4/06/2009

Long Beach Selling Trends for March 2009


Has your idea of a new home taken root? You might find this interesting:
The overall picture for Long Beach from February 7-March 3, 2009, is that the inventory for residential properties continues under 6 months, meaning that it would take that amount of time for the current number of listings to sell before all properties would be sold, or off the market. Inventory supply for the current period climbed up to 4.6 months (from 3.5 months from the prior month).

In the pool of eight areas--Lakewood, Cypress, Cerritos, Los Alamitos, Long Beach, Signal Hill, Rossmoor, and Seal Beach--Long Beach is in the middle in terms of inventory supply, with Lakewood having the lowest amount at 2.3 months, and Seal Beach at the highest with 11.9 month. Just a reminder: a classic real estate "benchmark" is that 6 months of inventory is the turning point for a buyer or seller market, thus by definition the first 6 in the list are in a seller's market at this time.

But is that true for all price ranges in Long Beach, and all neighborhoods? No, overall, residential properties under $700,000 have less available inventory, with the $400,000-$600,000 going the fastest at 4 months and less.

Areas with the longest months' supply is Belmont Shore/Heights/Naples (90803) at 8 months, and downtown/Ocean Blvd. (90802) at 6.6 months. The other major zip code areas in the city were less than six months, with Carson Park/El Dorado Park Estates/other east Long Beach areas (90808) having the least amount of inventory available at 2.4 months. Does this correspond with selling price? Well, the 90808 zip code area, with the least amount of inventory, sold in the upper half of price-per-square foot range at $331, while 90813 sold at the low end of $203 per sq. ft.

For a copy of the complete report via e-mail, please contact me with your information, and I'll be happy to send it.

In comparison to this time last year, Long Beach was second highest in terms of inventory supply at 8.7 months, second only to Signal Hill, and all price ranges except one was over 6 months. In this period 2008, Long Beach was second highest in price per square foot at $409, and is now 3rd highest at $348 per sq. ft.

Yes, it's very much a "pricing reality" message for sellers, and a "get moving" time for motivated buyers who would like to avoid the multiple offer situation as much as possible.

Currently, in terms of number listings, there are 71 single family residences listed in 90808, and 86 condos and single families in 90813 (parts of downtown further inland from the shoreline).

To find more properties on the market, go to http://www.juliahuntsman.com for an easy property search.

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