The downward slide in amount of inventory is not in sight. For houses, condos and lofts, as listed in the SoCalMLS, the number of properties for sale in November 2009, per MLS data, numbered 1,180, about 100 properties fewer than in October, and 795 fewer than in November 2008.
The Long Beach months supply of inventory has gone from 8 months a year ago to 3 months in November 2009, a steady decline.
The high months for new inventory this year were January, March and June.
Properties in escrow--272--are up by 30% compared to one year ago, with the highest number in escrow during May and June, 2009.
The median sold price for Long Beach is up 12% from one year ago, citywide. from $318,000 to $354,750. (Local zip codes or neighborhoods may reflect a different percentage for specific areas.)
The listings decline is just part of the larger picture: Per Zip Realty's survey nationally, the 579,413 multiple listing service listings in the markets is down 27.64% from November 2008. It’s the 17th straight month that gross listings for all markets declined month-over-month.
In the meantime, the distressed properties make up about 50% of the market, and many more are not yet on the market. Foreclosure Radar allows a free map search by city or zip code of REO, auction and pre-foreclosure properties. Most properties still show lower estimated market values than their loan amounts, which could ultimately lower prices in some areas, but the overall median price increase may be testimony to demand for inventory.
Call for a customized report for your area or zip code--this is a great tool to see the overall trends for value and activity, and to see where your listing price or home value is in relation to other competing MLS listings near yours.
For a free general and area property searches, go to the MLS searches at www.juliahuntsman.com.
2 comments:
Have you done a regression analysis on months inventory versus sales price changes? Intuitively, a negative relationship should exist.
Do you know the historical inventory levels for Long Beach?
I can post additional charts for given time periods, and for given cities, neighborhoods or zip codes in the SoCalMLS area, if anyone would like to see, just contact me. Strictly speaking, regression analysis? Probably not, but very helpful in seeing days on market, price trends over time, among other things.
Post a Comment