Why there are fewer homes on the market has more than one possible answer, but this shortage has grown since 2012, back when 6 months inventory was more the norm, not 1.6 months.
Last September, Long Beach had 2 months supply of homes on the market, in April 2021 it was 1.1 months. And this is the time of year when we traditionally see much higher inventory. In the last 7 days, 79 homes and condos came on the market, but 77 closed in the same period, and 120 went into escrow. So the new listings are not keeping up with the overall sold volume.
To help the situation for some reluctant sellers, the passage of Proposition 19 can assist for certain age 55-and-over sellers, or disabled, or natural disaster victims, who want to minimize a change in their property taxes if they choose to move. Or, if you plan on relocating, study in advance the areas that may be economic advantage to move to. And for certain sellers, a purchase with a reverse mortgage can be an option. Selling first before buying is the most optimal for sellers, but if you can't, you want to make sure that finding a new property is a #contingency in the contract with the buyer.
Buyers who are willing to accept a property that needs some work that fits in their budget may actually be able to find the right home. Some of those properties have been sitting on the market for a while longer and without the fierce competition of multiple bids. And feel free to use the property search tool on the site below.
For more market information about your area of interest, please contact me via phone, text or email.
Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996
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