The Pandemic Has not Lowered Prices, Nor Kept Buyers from Buying

 Realtor.com just came out with its study of the 10 hottest zip code markets in the U.S., based on turnover and number of views of the property.   (See links below.)

At the top of the list is Colorado Springs, followed by the rest which are located outside of California.  

But overall, the pandemic market has not lowered prices, nor kept buyers from buying.  

 Locally, zip code 90803 (Long Beach, Naples, Belmont Shore, etc.), one of the most expensive certainly in Long Beach and elsewhere, had an average sales price of $1,473,357 ending in July, but turnover has slowed somewhat for that price range, over 80 days average, 60 days median, on the market before going into escrow.  

By contrast, east Long Beach including Park Estates and Los Altos areas was a median of 10 days on the market, 27 average days on market, at average sales price of 870,877.

Going to west Long Beach,  to 90810, the average sales price was $519,045 and houses sold on average in 21 days,

 Going to north Long Beach, to 90805, the July average sales price was $539,559 with average days on market at 15 days.

 So with lower priced markets that are more affordable, the days on market is gradually shorter.

Overall, the entire City of Long Beach finished July with only 2 months supply of inventory, continuing the demand for more listings to accommodate the buyers who are looking and constantly competing with each other in this market.   Nearby cities of Cerritos, Bellflower, and Lakewood are in the same low inventory crunch, less than 2 months of inventory.

Compare the Long Beach prices (lower compared to other  coastal cities) to the hot zip codes in the Realtor.com study:   https://www.realtor.com/research/hottest-zip-codes-2020/ where the median list prices are under $644,000!!  And yet, buyers throughout Southern California are looking for sellers who want to sell.  

Will homes sales continue to defy expectations?  Here's more from chief economist Lawrence Yun with National Association of Realtors,  Defying Expectations

If you or someone you know is interested in selling, I can show you how to get your house on the market and get it sold.

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

The May Real Estate Market for Long Beach and Nearby Cities

The average price of a single family home in Long Beach continued upward as of today's (June 1) available data--12.6% higher at an average price of $809,637. See how it compares to the previous years in May.  But other things are part of this picture also:  Total closed sales are down 46% from last June--107 for the month; current listings down 25% from last year; sales prices are still on average within less than 1% of the original asking price; inventory, one of the keys to this situation, is consistently low at 2 months, meaning if no new inventory came on the market all property would be gone within two months. Average days on market also decreased from last year.

Lakewood has a similar story:  average home price is up 9% to $657,347; total closed sales  down 39% at 43 sales for the month; current listings are down 42% at 51 listings total; closed prices are with 1.6% of original asking price; inventory is at .9% months, less than one month!  average of 14 days on market. 

Bellflower:  average sales price of SFR up by 4% at $575,000

Cerritos:  average SFR price up to $760,000, an increase of 6% from lst year.

Huntington Beach: average SFR price down 1.7% to $1,072,000 (typical of the million + category).

Cypress:  average SFR price up 18% at $855,000.

So the story of the under one million market is that prices have trended upward, and the pandemic effects are present in showing properties, open houses, amount of inventory, but not in market prices so far.

If you are thinking of selling, it's coming into the ideal time of year to be on the market.

Please contact me or go to www.juliahuntsman.com for a quick online estimate of your home's value.

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

The April, 2020 Market in Long Beach, Bellflower, Lakewood and Cerritos

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

Market Stats for 1st Quarter, Long Beach CA and Nearby Cities

Not surprisingly, with the low low interest rates, prices have climbed especially with single family homes.  Condo prices have varied, and do vary by zip code, especially in Long Beach where completely different areas have their own pricing.  All median prices in the chart below are for cities regardless of specific areas, and this chart is meant to show an overall trend for the 1st quarter of 2015:

MEDIAN SALES PRICES	1/1/2015	3/1/2015
Long Beach Single Family	$482,500	$540,000
Long Beach Condo	$310,000	$275,000
Long Beach Multi-Family	$599,000	$620,000
Lakewood Single Family	$443,500	$475,000
Lakewood Condo	n/a	$300,005
Lakewood Multi-Family	$452,000	$579,000
Cerritos Single Family	$602,000	$638,000
Cerritos Condo	$285,000	$453,000
Cerritos Multi-Family	n/a	n/a
Bellflower Single Family	$418,000	$395,000
Bellflower Condo	$300,000	$280,000
Bellflower Multi-Family	$550,000	$602,000

Data provided by Market Analyzer