Positive News in the Long Beach House Market

LB market up in some areas

While it's certainly not true everywhere, the coastal area news is surprisingly up!

Comparing February 2011 to February 2012 in 90803 zip code, there's a huge increase in sales prices! and a huge decrease in the listing supply, and a (huge) increase in pending and closed sales.  Average sales and median prices comparing the two February periods increased by 63% and 41%!

And when comparing the average 90803 sales price over the entire year period, the average sales price increased from $717,997 to $724.188.

This exact same price scenario is not true in all areas, however, but in general it is true throughout Southern California and elsewhere that sales activity has increased greatly, and listing inventory has decreased.

In the 90807 area (Bixby Knolls, California Heights, etc.), the median and average sales prices have increased for the February year comparison period by 16 and 17%, but is down 5-7% when looking at the entire last 12 month period, wtih a 20% increase in closed sales. Again, listing inventory is down by 37%.

Low interest rates are helping to fuel the march towards more buyers finally getting into the act of buying.

If you know of someone thinking of selling, is now the time to start making that move?

For a similar report for your area in Long Beach, Lakewood, Cerritos, Bellflower, San Pedro, Cypress, Seal Beach, Huntington Beach and many other cities in Los Angeles and Orange Counties, just contact me via e-mail or phone!

See more news: Local Regional Market Report--March 2012 -- and check out the 1-Minute Newsletter tab above.

Condo Prices in Bixby Knolls and Belmont Hts/Belmont Shore/Bluff Park

The August 2010 median sold price of a condo in 90807 (Bixby Knolls and adjacent areas) actually increased by $10,000--to $170,000--compared to August 2009. That's down, however, from the $240,000 condo median in April.  I chose this zip code because I actually underwent a first time experience ever of receiving a buyer's lender appraisal $20,000 less than the contract price. (This leads into issues about out-of-area appraisers and the AMCs, which will not be elaborated on here.) So therefore, it seemed a good idea to see what Clarus Data Metrics research revealed this month. The for-sale price in this zip code for condos shows an overall decrease in asking price by 23%, but an overall increase in selling price by 6%. December and April were two months of exceptionally high prices reaching up to the $300,000 median. The monthly number of units sold range from 4 to10 in the last 12 months, and the same range for properties in escrow each month over the last 12 months, currently up 75% from August 2009. The monthly total number of condos for sale ranges from 39 to 55 over the last 12 months.

The August 2010 median sold price of a condo in 90803 (Belmont Shore, Bluff Park, Naples, etc.) actually decreased by 4%, ranging in median price from $550,000 to about $275,000 over the last 12 months, with the current median being $326,000. The median asking price is currently $50,000 lower than August 2009. The number of sold properties for August--15 condos--is one of the two highest months for the past 12 months. The number of condos in escrow has fluctuated from 6 to 15 per month in the last year--currently the pendings are down (by 3 units) from July and down from August 2009. Currently there are 83 condos on the market in this zip code, the lowest number was 59 last January. So although supply is up, so is demand--9 sold in August 2009, 15 sold in August 2010.

Buyers and sellers should know that lending in condos means a review of owner occupancy ratio (less than 75% is a deal killer for some lenders, less than 51% is a deal killer for all lenders), the number of owners delinquent in their HOA dues (can't be more than 15%), and existing lawsuits are all items that come under review in their review of the association's documents. Other issues could be HOA reserve funds and signs of lack of common area maintenance.

FYI: "Median" is not the same as "average"--the median number divides the group into two equal halves: Half the properties sold were above $326,000 and half were under that price.

Any why are those cows there? Because they like to keep an eye on things too.

New Listing: Bixby Knolls Condo 2 bedroom 2 bath - One of the Area Lowest Prices

The seller is still working to get ready for showing, but this Bixby Knolls condo is a great value at $180,000 for a front end unit with 2 bedrooms and 2 bathrooms and no one below. This is a great value in an FHA approved building. Has one parking space in gated garage with storage.

No interior photos yet, will include those in it goes into the MLS at the end of the month.

Interior features are kitchen area Pergo flooring, new kitchen counters, lots of kitchen/dining storage cupboards, and new dishwasher. Seller is freshening up with new paint, and bathroom has new tile floors.

The complex is conveniently located near the 405 FWY and the Bixby Knolls and Atlantic Ave. shopping/restaurant corridor. HOA dues are about $225 monthly. Complex has very nice pool and patio area, and community laundry. One parking space. This is an equity sale!

Call me to find out more about this property. 3510 Elm, #1, Long Beach, CA.

Find this and more properties at http://www.juliahuntsman.com/

Julia Huntsman, Broker, e-PRO®, SFR, REALTOR®

562-896-2609. CA DRE #01188996