 | |
| Long Beach Market Graphic 2021-2022 - Single Family |
 |
| Long Beach Market March 2023 - Single Family |
Buyers and sellers alike felt the shift in interest rates in the summer of 2022 -- buyers were driven out of their desired price range into a lower priced market which was more competitive, and some buyers were discouraged altogether by qualification issues.
In comparing the 2021-2022 graph for December 2021, April 2022 (just before rates started to climb) and December 2022, certain things stand out. The number of closed sales decreased by 46%, and the number of listings, already low for available buyers, dropped even lower by 17%. By December 2022, the median sales price dropped over 7% to $839,000 and the average sales price dropped to $894,176, a decrease of over 12%. Pending sales dropped over 53% compared to the previous December. The months supply of inventory showed an increase by December, but still quite low by historical standards, but in actual numbers of homes for sale, the inventory increased 40% by December, 2022. Note that April's median and average sales prices were over $1,000,000 before dropping to December's level.
However, by March, 2023 the median and averages sales prices have increased to $899,000 and $982,386, but not up to the high in April 2022, while months supply has increased to 1.6 month -- higher than 2022 figures. Days on market has also increased to 33 days in March - a far cry from the 7-day average frenzy during the Pandemic with its super-low interest rates. Pending sales in March 2023 also increased from December 2022, a sign of more buyers in the market.
It's a time for seller's to be realistic on prices, even though there is a continuing demand for inventory, and competitive bids. While qualified buyers are able to buy in the higher priced market, they expect value for their money.
For a qualified Realtor's estimate of home value, please contact me. I've been serving sellers since 1994 in residential property in the Long Beach and surrounding areas.
Julia Huntsman, REALTOR, Broker | http://www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996
No comments:
Post a Comment