3/22/2016

February Home Prices in the Long Beach Area for February 2016

February 2016 Los Angeles County Sales
Why the sluggishness in sales?  The ripple down from the top tier of sales is being felt:  "In markets like Oakland, Portland and Washington, the prices for high-end homes are rapidly rising — the rungs of the ladder are moving further apart — and that makes it harder for people who own mid-tier homes to trade up. And when they get stuck, people who own starter homes have a harder time trading up, too."  http://preview.tinyurl.com/gpdc3lj  San Francisco could easily be mentioned too.

It's always speculated in an election year that sales are affected, but it is more likely due to higher prices and lower affordability overall.  

In Los Angeles County, the median priced home in February, 2016 was $530,000 (up from $457,870 in January, 2016), and condos were at $450,000, (up from $409,000 in January, 2016). However, the February sales volume for each type was less than half of the prior year volume, and well below January sales numbers.

Below are average prices for Cerritos, Long Beach, Lakewood , and Seal Beach single family homes.  The four cities have changed between -1.8% to 14% from January.  Current average price - Long Beach $637,112; Cerritos - $682,431; Lakewood $4501,775; Seal Beach $1,066,938.

Average condominium prices increased only in Long Beach, by 22.8%, and are ranging from $237,666 (Cerritos) to $289,667 (Seal Beach), $292,500 (Lakewood) and $379,522 (Long Beach).

While there is an increase in Long Beach average home price, it has the advantage of offering greater types and prices in the housing market compared to surrounding cities.  Still a good time to buy with lower interest rates!

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