We're hearing more talk about market slowing, a little early for this time of year.
There's still far less than the traditional months of inventory on the market, i.e., 6 months meaning how long it would take to sell what's currently for sale. In Long Beach, it's almost the same for both single family homes and for condos: 2.4-2.7 months of inventory.
And yet, the number of sales compared to June of last year is down about 28%, while the average sales price for houses and condos are UP! This is also true on the state level, according to California Association of Realtors: "June marked the fifth consecutive month that prices increased by more than 8 percent annually, indicating that price appreciation remains robust and is not showing any signs of leveling off." But Orange County experienced one of the biggest declines in number of sales, all counties experienced a decline however, possibly due to buyer fatigue at rising prices.
Many younger buyers are able to get some financial help from families who may aid with down payments, which is a great help for them. One surprising fact is that single women over 55 are a growing segment of buyers, citing rising rent costs as a reason, not for the purpose of purchasing multigenerational housing.
Interest rates are remaining the same for right now, but a possible increase is hinted at in September. The mortgage lenders and banks, however, usually anticipate an increase in advance and build it into their scenarios in advance, but other global market effects come into play also, and there can even be a decrease in rates!
Currently, the average days on market for all 228 Long Beach single family homes currently in escrow is 45 days. It's a very good time to sell and find a new home.
For more information about selling, please contact me!
Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996, representing buyers and sellers since 1994.
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