In spite of 2020's global health and economic pandemic issues, the Southern California housing market continues to move on.
As of the end of April, the Long Beach average single family home price increased almost by 9% compared to one year ago. The Cerritos single family home price increased by over 21%, Bellflower increased over 20%, while Lakewood increased by 4%.
But what else is happening? While the price went up, the supply of inventory compared to April 2019 continued downward, as it was already doing for months. Bellflower's inventory decreased by 50%, Long Beach decreased by 12%, Lakewood by 37%, and Cerritos decreased by 52%. Also, houses sold much faster compared to one year ago, the days on market decreased 27%-66% across the four cities.
And, contrary to some buyers' expectations, April selling prices also stayed within 3% of the original list price.
Not just in April, but actually since 2012, available inventory has been one of the biggest issues for buyers, because a limited supply tends to drive prices upwards. There are numerous reasons for the limited supply, beyond the purpose of this particular post, which have been discussed elsewhere.
But it can only be said again, that if you are an interested seller, maybe not even sure at this point because you need to make further decisions, it's still to your advantage to get information now about preparation--it will only help you in the future and perhaps make your path easier.
Please contact me for more assistance. I have 25 years experience working with both buyers and sellers.
Julia Huntsman, REALTOR, Broker |
www.juliahuntsman.com |
562-896-2609 |
California Lic. #01188996
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