Long Beach Metro

So Cal Regional Market Update for December 2017

The Long Beach Market average prices were up 3.2% for single family homes compared to Dec. 2016, while volume of listings, pending and closed sales were down; condominium average price up over 30% compared to Dec. 2016.

 Regionally across the PWR market areas:  "The number of homes for sale, days on market and months of supply were all down in year-over-year comparisons in a majority of the country for the entirety of 2017, as was housing affordability. And although total sales volumes were mixed, prices were consistently up in most markets. Buyers may not benefit from higher prices, but sellers do, and there should be more listing activity by more confident sellers in 2018. At least that would be the most viable prediction for an economic landscape pointing toward improved conditions for sellers.

"New Listings were down 5.3 percent for Single Family homes and 7.8 percent for Townhouse-Condo properties. Pending Sales decreased 39.9 percent for Single Family homes and 42.0 percent for Townhouse-Condo properties.

"The Median Sales Price was up 6.1 percent to $665,000 for Single Family homes and 8.4 percent to $432,000 for Townhouse-Condo properties. Months Supply of Inventory decreased 17.4 percent for Single Family units and 17.6 percent for Townhouse-Condo units.

"Unemployment rates have remained low throughout 2017, and wages have shown improvement, though not always to levels that match home price increases. Yet housing demand remained incredibly strong in 2017, even in the face of higher mortgage rates that are likely to increase further in 2018. Home building and selling professionals are both cautiously optimistic for the year ahead. Housing and economic indicators give reason for this optimism, with or without new federal tax legislation"

Courtesy of PWREPORTS

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