In January 2014, the average price of a single family home in Long Beach was just under $500,000. Following the peaks and valleys all along since then, the average price in July 2019 was $775,352, while the median (midway point of all SFR's sold) is $660,000, vs $455,000 in January 2014.
Days on Market: July, 33 average days on market. This is time before an accepted offer, so what does this mean? You can't waiting around forever before making an offer.
List to Sold: In the last 5 years, houses have sold in the range between 97% of list price to 100% of list price, with the July average at 98.6% of original list price. So what does this mean? That you have to make your offers strong.
Months Supply: This is the amount of inventory on the market before it would run out at the current rate of sale, and this has been ranging, since 2014, between 1.5 months and 3.5 months. It's been a long time since the 6 month supply level, considered the market norm, has been around. So what this this mean? Limited supply helps drive prices up, less inventory, continued demand.
Closed Sales: Since 2014, this varied between monthly lows of 102 and 106 SFR closings a month, to 259 a month. In July, 212 single family homes sold. What does this mean? It's not unusual for low sales in January and more sales in the summer. Since 2008, the highest number of sales were in August 2012 (260) and June 2017 (259). Per data on the MLS, just to compare, going further back to January 2000, 183 SFRs were sold; in July of 2001, 350 SFRs were sold. So our market volume has slowed consideredly since that time, and prices have gone up.
But buyers are still looking to buy, so if you are thinking about selling, even if you're not sure when, whether you have a house, condo, or unit properties, please contact me. I can work with trust and probate properties also!
Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996
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