Here is just a quick synopsis to show the Long Beach market curve for single family houses, which is not different from surrounding cities. Fewer new listings are coming on the market as the industry deals with the orders put in place by the California governor. One bright spot is that California Association of Realtors and National Association of Realtors are appealing to state and federal governments to recognize the real estate profession as an "essential business". Many occupations are related to the closing of a residential transaction, not the least of which is the need for properties to be available for buyers who need a place to live! If the industry is placed in this category, it will help significantly with buyers and sellers who are otherwise capable of dealing with the health situations. Having people see a property, one or two people at a time, certainly has far less exposure than going to the grocery store!
In February, the single family active listings was 271.
The current number of single family active listings is 186.
February single family pending sales: 144
Current number pending sales: 116
February total closed sales: 250
Current total sales closed 3/1/-3/24: 116
So the current corona virus situation will impact us for a while, and there may be quite a pent up demand when business gets back to normal, or almost normal. Based on the curve of activity in China, and now New York, the next 60 days or so may be the biggest down swing in the California market before it gets better, but of course the future is not known at this point.
Julia Huntsman, REALTOR, Broker |
www.juliahuntsman.com |
562-896-2609 |
California Lic. #01188996
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