Almost every day there is an article posted about the shortage of inventory, and I personally hear stories of fellow Realtors with buyers who are in heavy competition with others to find their next home. It is very much a time of low inventory overall, and buyers may actually be racing each other to the next home viewing before quickly putting an offer. Many homes in the Long Beach area are going into escrow after just a few days on the market--especially in certain areas such as East Long Beach.
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But not all sellers are moving as quickly as others. There could be various reasons for this, but nevertheless, not everything is selling in 8 days. At the top end of the market, a house on the Peninsula listed for $4,779,500 and facing the ocean has been on the market for 361 days, almost a year, although it's been in escrow 3 times, and is currently back on the market. The next lengthiest listing is a small bungalow house on the market for $469,000 for 208 days in the area between 10th and Anaheim. Another bungalow house near Atlantic Ave and 6th St (downtown area) is on the market for $505,000 for 157 days, another investor or first time buyer opportunity. Four more homes located in Lakewood Village, Belmont Shore, Belmont Heights, Naples, and downtown are still waiting for buyers, all having been on the market longer than 106 days. Another 21 homes in all areas of Long Beach have been on the market between 85 and 32 days as of February 4th, prices ranging between $499,000 and $6.8 million+. The remaining 67 active listings have been on the market less than 30 days, which is indicative of general market conditions.
In the last 6 months 1,096 single family homes sold at an average price of $981,930 ( in spite of one taking 403 days) in Long Beach with an average of 20 days on the market. There are currently 169 single family homes in escrow at an average of 25 days on the market, with some areas selling especially quickly: Stratford Square (1) has 7 average days on market; Los Altos (7) average 17 days; Lakewood Village (3) average 13 days; Ranchos/Lakewood Plaza (10) average 11 days; El Dorado Park Estates (3) average 16 days, and so on. Practically all areas are selling under 30 days on average.
But for some houses, even though inventory is low and the average time on market is low, there can still be opportunity for some buyers. Please feel free to use the property search at http://www.juliahuntsman.com, where you will find all the listings as shown on the MLS.
Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996
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