4/26/2011

The House Market in Long Beach Has Increased Last 3 Months


Long Beach Sales of Single Family Houses last 6 months
The Long Beach single family home market has been busy, especially in the last 3 months. Both the average sales price and the number of sales of houses has gone up.  The chart to the right is based on a group of about 1100 listings in the entire city, from November 2010 to the April 26, 2011, where the average price has risen from $379,515 to $419,100:

Month, #of Sales, Avg Price

Nov 2010 150  $379,515

Dec 2010  143  $387,407

Jan 2011   166  $374,575

Feb 2011  184  $404,359

Mar 2011  223  $435,699

Apr 2011  226  $419,100

LB condo avg price last 6 months
The news about condos is not the same: based on results of 330 condo listings in the same time period, the average condo price in Long Beach as a whole has dropped $225,042 to $133,969.

Figures for certain homeowner associations and certain local markets may vary, because of the concentration of sales data in the distressed property markets in certain geographic locales, which impact the overall city-wide results.
Data for Los Angeles County also shows a year-over-year drop for March of about $26,000 in the median sale price from March, 2010. In general, the condo market has been impacted strongly because they were the entry-level property by buyers who were vulnerable to the economy, a distressed property market which now attracting cash investors. However, for zip code 90803, Belmont Heights, Belmont Shore, Bluff Park and Naples, for the last 6 months, the stats show an upward trend--based on 42 listings--the sale price has increased from an average of $291,400 to $390,000. For 90802, we are back to the decrease in average selling price for the last 6 months: $225,000 in November to $100,000 in April, based on a group of 120 listings. Zip code 90814 has also decreased in its condo prices (Bluff Heights, parts of Belmont Heights, Rose Park areas).

For an evaluation of your house or condo, contact me, especially if you are not certain if your loan value is higher or lower than the market price for your home. There are options, and you should know your options now.
All chart data from CRMLS Matrix.

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