12/03/2012

What is For Sale Under $300,000 in Long Beach?

MLS R1205418 - Click to see listing
Periodically (maybe once a year) I've been tracking this price range about affordable properties in Long Beach. 
One thing to know since my last post on this subject in May, 2012:  The market has changed, and for more than one reason.  Not only are prices going up in some areas, but at the same time there is far less inventory than even just a few months ago. 

Currently, in the MLS, the total number of active listings for $300,000 or less for single family homes, condominiums, lofts, own-your-owns, and coops comes to the grand total of 167 as of this date.  Compare that to 618 properties in May of 2011.
 
The breakdown is as follows:
  • Single family homes (some of which homeowner association listings in PUDs) comprise 62;
  • There are 80 condominiums listed;
  • There are 7 coops (similar to condos but have different property tax arrangements)
  • No lofts in this price range;
  • There are 18 own-your-owns listed (also similar to condos but different property tax mode)
The number of listings is down due to various market forces, not the least of which is fewer distressed properties on the market. In general, market inventory has decreased by 60-75% since this time last year.  Also, the market prices are actually increasing compared to October of 2011, sometimes by as much as 20% on a month/year to month/year comparison in some zip codes of Long Beach.  See a south Los Angeles County/north Orange County regional report for overall market trends for areas including Lakewood, Cerritos, Huntington Beach, Newport Beach and inland cities including Fullerton.  While the picture may vary individually within each city or zip code, the trends are reported here.

There are even more complex trends within the picture presented here, such as the future of the mortgage debt relief  forgiveness being uncertain which is probably impacting some short sale sellers from putting their property on the market, whether or not there is "shadow inventory" which will be added to the market in 2013 (that's another topic of discussion).

For a property search of these areas go this property search tab, where all types of properties, including 2,3, and 4 units, may be searched throughout Long Beach, Los Angeles County and Orange County and all cities in Southern California. (Currently, all active, backup and pending status listings are shown in this search.)

Are you thinking of selling? Please contact me.

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