Long Beach Area Hot Sheet Data Shows Trends Towards More Listings

Every day the MLS shows how many new listings, new escrows, or new sales in a given period of time.  Even though the market is still in a low inventory mode, there has been a trend lately of more new listings coming on the market vs. how many sold in a given period of time, i.e., 24 hours up to 7 days.  So for Long Beach, Lakewood, Signal Hill areas, there seems to be a "catch up" going on.  And even though you can read every day of the week in the Los Angeles Times about the latest multi-million dollar celebrity residence sale, recent sales in this area don't share that profile.  Between July 10th and July 13th, 27 houses or condos sold in these 3 areas, ranging from $235,000 (house)  to $1,070,000 (condo). These are represented by vastly different neighborhoods, and seeming show the far ends of the distribution curve for houses and condos. 
MLS Area Sold Stats for 7/10-7/13-2015

As showing at the right, the average price for these properties in this time period is $505,963.
While condos and houses are not normally used to compare with each other, this data is for trend purposes,.

New listings on the market for the same time and areas are 46, ranging from $175,000, to $3,450,000.   Three properties went into escrow right away, and 43 remain as active listings, with the average listing price being $628,072.  Whether this shows an upward trend in sales price remains to be seen, as the $3,450,000 property has been previously listed multiple times and not yet sold.
MLS Area New Listing/Active Stats for 7/10-7/13-2015

For buyers, this is a positive trend; for sellers, it's really nothing to get the least big panicked over, because over stats for June for Long Beach, for example, clearly show that there is less than 3 months of inventory for houses and condos.  This low level, which has been going on for very long periods of time, does not reflect a normal level of inventory, which traditionally means about 6 months, or perhaps double our current inventory.  Sellers often think that multiple bids due to housing shortage is favorable for them, which can be quite true, but not if you don't already have a home to move into after you sell.

If you are thinking of buying or selling, whether you have a house, condo or multiple units, give me a call for an evaluation of your selling position.
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