Long Beach Market Prices for Houses and Condos Feb. 2017

Long Beach prices Feb. 2017

The average sales price for a house in Long Beach in February was $672,000 (an increase of 7% over same time last year); the average price for a condo was $413,000 (an increase of 8% over same time last year.)

What is going to happen to interest rates?  For a while they were predicted to go up to 5% this year, but today (Friday), they are 4% or 4.125% depending on the loan level for conventional loans, and 3.75% or less depending on loan level for FHA/VA loans.  What will happen in the future depends on a lot things that are currently going on in Washington DC, and predicting the future is not a sure thing.

One of the biggest problems is still lack of inventory, as one can see on this report, it's gone down from last year (it can't get much lower, by the way), and it's not just the case in this city, this is across the board.  This has made the market get much more competitive (who thought it could get worse?), and the days on market figures are showing that, less time on market means the properties are getting snapped up faster and there are multiple offers.  The chart shows average figures, they vary greatly according to price range and location.  A $450,000 house in excellent showing condition will not last, but the $1,000,000+ range offers more selection and more time: there are 75 active listings in CRMLS in Long Beach over one million, and days on market is also 75.  Apparently, in Arcadia, per a conversation with a fellow Realtor this morning from that area, it's the $5,000,000 properties that are hot and moving fast.  Every market is different.

Lakewood: Average SFR selling price - $546,000; Condo $401,000.
Cerritos:  Average SFR selling price -  $743,000; Condo $335,000.
Huntington Beach: Average SFR price - $906,000; condo $510,000.

If you're thinking of making a change, please contact me

July 2016 Average Sold Prices in Cerritos, Long Beach, Lakewood and Seal Beach

In Los Angeles County, the median priced home in July, 2016 was $580,000, up from $529,000 in June, 2015, and current single family home price is $509,830 for all of California.

In the first chart are median prices for Cerritos, Long Beach, Lakewood , and Seal Beach single family homes for the past 3 years through September 7, 2016.  Seal Beach has increased 7.9% in that time; Cerritos has decreased 1.8%;  Lakewood has increased 5% overall; Long Beach has increased .3%.
Current median price - Long Beach $548,500; Cerritos - $690,000; Lakewood $525,000; Seal Beach $1,132,500.
Average median condominium prices for all four cities range from $553,500 (Cerritos) to $245,000 (Lakewood).  The average condo price range is virtually the same across the four cities.


For a chart of the average single family home in all four cities, please note the difference in the second chart, where overall prices change upward:

February Home Prices in the Long Beach Area for February 2016

February 2016 Los Angeles County Sales

Why the sluggishness in sales?  The ripple down from the top tier of sales is being felt:  "In markets like Oakland, Portland and Washington, the prices for high-end homes are rapidly rising — the rungs of the ladder are moving further apart — and that makes it harder for people who own mid-tier homes to trade up. And when they get stuck, people who own starter homes have a harder time trading up, too."  http://preview.tinyurl.com/gpdc3lj  San Francisco could easily be mentioned too.

It's always speculated in an election year that sales are affected, but it is more likely due to higher prices and lower affordability overall.  

In Los Angeles County, the median priced home in February, 2016 was $530,000 (up from $457,870 in January, 2016), and condos were at $450,000, (up from $409,000 in January, 2016). However, the February sales volume for each type was less than half of the prior year volume, and well below January sales numbers.

Below are average prices for Cerritos, Long Beach, Lakewood , and Seal Beach single family homes.  The four cities have changed between -1.8% to 14% from January.  Current average price - Long Beach $637,112; Cerritos - $682,431; Lakewood $4501,775; Seal Beach $1,066,938.

Average condominium prices increased only in Long Beach, by 22.8%, and are ranging from $237,666 (Cerritos) to $289,667 (Seal Beach), $292,500 (Lakewood) and $379,522 (Long Beach).

While there is an increase in Long Beach average home price, it has the advantage of offering greater types and prices in the housing market compared to surrounding cities.  Still a good time to buy with lower interest rates!

Selling Prices as of February, 2016 for Long Beach/Lakewood Single Family Homes

Here are the median closing prices for several zip codes covering

The far west area of Long Beach (90810);
Belmont Heights/Shore and Naples areas (90803);
Carson Park-Long Beach and Lakewood (90808);
and Lakewood Mutuals (90712).

Prices are current as of the last day of February, 2016, from one year prior.

Median Selling Prices

90810  $379,900 | +17.2%

90803  $992,500 | +13.8%

90808  $644,500 | +17.2%

90712  $495,000 | +6.5%

   The Average Selling Prices* are a little different :

 90810  $362,000 | +11.8%

   90803  $1,162,165 | +24.6% 

90808  $648,131 | +7.9%

90712  $498,489 | -1.6%

*(median=midpoint price of all selling prices; average=sum of all selling prices divided by total number of properties sold)

December Average Sold Prices in Cerritos, Long Beach, Lakewood and Seal Beach

In Los Angeles County, the median priced home in November 2015 was $457,870 and $489,310 in December, 2015 for all of California.

In the chart below are average prices for Cerritos, Long Beach, Lakewood , and Seal Beach single family homes for the past 2 years through December 2015.  The four cities have increased between 12% and 20% in that time.  Current average price - Long Beach $611,735; Cerritos - $699,438; Lakewood $529,903; Seal Beach $1,070,400.

 

Average condominium prices are more similar for all four cities, ranging from $383,000 (Cerritos) to $312,000 (Seal Beach).

Prices in Long Beach, Lakewood, Cerritos, Signal Hill

Home prices continue to rise in Los Angeles and Orange Counties, 6% to June of this year from June of last year according to the Los Angeles Times.  In the four cities below, the average days on market for a single family home in August ranges from 41 days (Lakewood) to 67 days (Signal Hill). Long Beach had total closings of 193 (not surprising since it's the largest city of the four), Signal Hill had 6 closed sales, Cerritos had 26 sales, and Lakewood had 72 sales.

Even though the National Association of Realtors® reported that sales in July were the highest since 2007, Long Beach and Cerritos sales volume decreased somewhat in August.

Housing inventory is still low, although a recent daily trend for the local market shows a higher number of new listings in the MLS than closed sales. For August, however, each of the four cities below shows a decrease in inventory supply from the prior month: 1.6 months (Lakewood) being the lowest, and 3.7 months (Signal Hill) being the highest. Long Beach had 2.2 months supply in August. The traditional norm for a normal market supply has been 6 months.  This is a long term trend: Prices go up while inventory remains low.

Condo prices, which are typically lower than single family home prices, also increased from the prior month: average prices in Lakewood -- $485,000; Signal Hill -- $379,000; Long Beach -- $362,000; Cerritos -- $392,000; all prices represent increases from prior month range from 2% (Signal Hill) to 60% (Lakewood).

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

What is the January 2015 Real Estate Profile of Long Beach, Cerritos, Lakewood and Rossmoor?

Here is a brief summary of January 2015 sales, compared to January 2014:

Long Beach - Median sales price for a single family home: $481,000 (up 5.8%), housing inventory down 22%, with only 2.2 months supply of inventory on the market.

Cerritos - Median sales price for a single family home: $602,000 (up 3%), housing inventory down 9% with only 2.1 month supply of inventory on the market.

Lakewood - Median sales price for a single family home: $443,500 (up 3%), housing inventory down 44%, with 1.4 months supply of inventory on the market.

Rossmoor - Median sales price for a single family home: $807,500 (up from $800,000), housing inventory still at 2.6 months supply of inventory on the market.

By checking points along the graph, prior months' sales prices are seen. Long Beach and Cerritos are down, Lakewood and Rossmoor are up. This is a live graph, and is updated with each month's sales.

Would you like to know what buyers' home buying motivations are? Buyers who purchased brand new homes did so because of fewer electrical and plumbing problems. Sellers who take this and other items into account when preparing their home for sale are less likely to get a laundry list of repairs desired by buyers.

NAR's 2014 Profile of Buyers and Sellers

Just Sold in Long Beach

Just Sold in Bluff Park:

2601 E Ocean Blvd., #305 -- a 2 bedroom/2 bath + dining room end unit with ocean and neighborhood views. Lots of character and space in this 1970's condominium. Third floor unit in an upgraded homeowner association.

Just Sold in Carson Park:
7027 E Keynote St -- Large 4 bedroom home (expanded many years ago from original one-story model), with two bathrooms and very large family room with a corner brick fireplace, upgraded kitchen and original dining area.  In interior tract location near schools, ideal for family.

Just Sold in Lakewood:
4323 Woodruff Ave. -- in ideal residential location near local shopping, this home has a dining room, family room, unpermitted bonus room ideal for office space, upgraded kitchen and 3 bedrooms/2 baths. 

Call for more information, or visit my website at http://www.juliahuntsman.com.

Serving buyers and sellers since 1994. Lic 01188996

What Is The January 2015 Market Doing in Long Beach, Cerritos, Lakewood and Rossmoor?

Here is a brief summary of January 2015 sales, compared to January 2014:

Long Beach - Median sales price for a single family home: $481,000 (up 5.8%), housing inventory down 22%, with only 2.2 months supply of inventory on the market.

Cerritos - Median sales price for a single family home: $602,000 (up 3%), housing inventory down 9% with only 2.1 month supply of inventory on the market.

Lakewood - Median sales price for a single family home: $443,500 (up 3%), housing inventory down 44%, with 1.4 months supply of inventory on the market.

Rossmoor - Median sales price for a single family home: $807,500 (up from $800,000), housing inventory still at 2.6 months supply of inventory on the market.

By checking points along the graph, prior months' sales prices are seen. Long Beach and Cerritos are down, Lakewood and Rossmoor are up. This is a live graph, and is updated with each month's sales.

Would you like to know what buyers" home buying motivations are? Buyers who purchased brand new homes did so because of fewer electrical and plumbing problems. Sellers who take this and other items into account when preparing their home for sale are less likely to get a laundry list of repairs desired by buyers.

NAR's 2014 Profile of Buyers and Sellers

Prices Continue Up for June in Many Cities, But Sales Volume Way Down

Average single family home prices in June, 2014, and the increase or decrease compared directly to June of one year ago (prices may differ from overall annualized price), plus stats on closed sales and days on market (DOM).  Actual number and percentage of sales are down (see red column), a lot; properties are usually spending more time on the market before going into escrow (last column); and the average house price, on a citywide basis, is higher than one year ago.  The percentage increase in price, however, is lower compared to May's increases, in many areas. (P.S. See my new Metro Summary page for Long Beach region info for July).
     

Cerritos	$739,333	+10.8%	Closed Sales	-40%	DOM +27.8%
Lakewood	$463,096	+7%	Closed Sales	-32%	DOM +8%
Long Beach	$555,496	+17%	Closed Sales	-28.4%	DOM +58%
Los Alamitos	$726,667	+9%	Closed Sales	-57%	DOM +72%
Seal Beach	$1,021,223	+14%	Closed Sales	-20%	DOM -33.3%
Signal Hill	$655,000	+7%	Closed Sales	-75%	DOM +87%
Huntington Beach	$920,396	+19%	Closed Sales	-21%	DOM +68%
Norwalk	$340,943	+9%	Closed Sales	-8%	DOM +5%
Downey	$444,903	+8%	Closed Sales	-24%	DOM +59%
Garden Grove	$503,922	+15%	Closed Sales	-58%	DOM -9%

So Cal Cities Update - Long Beach Region

Happy 4th of July!

 




Average single family home prices in May, 2014, and increase/decrease from one year ago (prices may differ from overall annualized price):

Cerritos:                 $644,036, +9%
Lakewood:             $479,462, +10%
Long Beach:           $534,617, +4%
Los Alamitos:         $641,000, -16%
Seal Beach:             $989,577, +20%
Signal Hill:              $630,500, -10%
Huntington Beach:  $849,050, +2%
Norwalk:                 $362,598, +12%
Downey:                 $476,152, +19%
Garden Grove:        $495,475, 14%

Long Beach Area Sellers Have An Optimal Time to Move, Now

 

For the first time in years, sellers have an optimal time to sell, because more people are looking for a better place to live.  Interest rates are still lower, and prices are too (yet rising in areas as well).  Rising prices in some areas have lifted some sellers out of negative equity, or very close to it, so that they now may feel they can move on. 

 

It's an optimal time, take advantage of it now.

 

Los Angeles County (South) and North O.C. Tell Interesting Stories Of Prices, Sales and Inventory

The latest market updates for April, 2013, are out for the south Los Angeles County and North Orange County cities--and here is a breakdown of stats for single family homes in local cities (all comparisons are a one-month comparison of April 2013 to April 2012, not on an annual basis):

• Long Beach  -- New listings are up 4% for April 2013; the median sales price has increased 25% to $440,500 (citywide figures); the average sales price is $495,000, an increase of 27%. Listing inventory has decreased by 62.6%, with 1.4 months of inventory at the end of April.
• Cerritos -- New listings are up 25% for April 2013; the median sales price has increased 8% to $573,000 (citywide figures); the average sales price is $615,758, an increase of 14%. Listing inventory has decreased by 78%, with 1 month of inventory at the end of April.
• Lakewood -- New listings are up 8.2% for April 2013; the median sales price has increased 12% to $405,000 (citywide figures); the average sales price is $413,000, an increase of 14%. Listing inventory has decreased by 76%, with .8 months of inventory at the end of April.
• Signal Hill -- New listings are down 42% for April 2013; the median sales price has increased 18% to $594,750 (citywide figures); the average sales price is $529,875, an increase of 8.8%. Listing inventory has decreased by 77%, with 1.8 months of inventory at the end of April.

The general picture is: prices have gone up, and inventory for all properties (houses and condos) is down compared to last year this time, with the lone exception of Avalon (Catalina Island), where inventory is actually up 17% but the median market price is down 33%.   Areas with the greatest increase in median market price tended to be lower priced areas in the past, and are now attracting buyer attention, Bell Gardens and Stanton being two examples.  Los Alamitos (including Rossmoor area) actually decreased by about 6% in median price.  Long Beach stands out at the top of the list of all area cities for the greatest number of closed sales in April at 324 and the most new listings, followed by Irvine at 264 closed sales, then by Anaheim and Huntington Beach.  Of the 68 cities included in the geographic area, only 4 are showing a decrease in median price!

Do you want to know what's going on in your zip code? It's sometimes a different picture than the surrounding city. Get the picture now by giving me a call or e-mailing me, so that you can stay up with your market.

Market Update, And More Home Price Directions Are Moving UP

California prices by county

The median price paid for a Southern California home rose to $309,000 in August--that's an overall median for Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties--that's an increase of 10% compared to August 2011, and the highest median price since August 2008's median of $330,000.

Short sales and foreclosures (the distressed property market) are trending downward by 1%-2% from  July and previous months.  That does not mean they are going away, because the distressed property market is predicted to be here for a long time into the future.  The good news is that higher prices mean a lift out of the short sale category for some prospective sellers, or a higher net from a sale to put towards a new purchase. Short sales in the 6-county area were about 17% of sales, but locally, there are specific areas where they are still 50% or more of the market.

Drops in foreclosure inventory,  increases in sales of higher priced properties are part of the increase in home price.  The increase in numbers of properties in escrow is impacted by the lowest interest rates since the 1940s, which are likely to stay that way for some time into the future, this August was the highest August sales in the last 6 years.  The volume of sales however, is still 15% below the average calculated since 1988.

Investors, or "absentee buyers" bought 27% of the homes last month, and buyers paying with cash were 31%, paying a median amount of $235,000, an increased amount from last year.

Credit conditions for buyers, and therefore for sellers, are strict.  Buyers who currently occupy their homes and want to purchase a new one not only must meet all those loan requirements, but satisfy the lender's requirement for at least 30% equity or more in their property. If your property is currently a rental, the property's equity may not be an issue assuming you have satisfied other lender conditions.

Find more local trends for houses and townhouse/condos in Los Angeles and Orange Counties including housing affordability, months of inventory, median sales price (now up at 5.9% at $450,000 for the region covered by this report), and local inventory amounts. Just go to my site for this local regional report that covers cities including Lakewood, Long Beach, Cerritos, Seal Beach, Huntington Beach, Newport Beach down to Aliso Viejo and Rancho Margarita, out to Yorba Linda and Placentia, and many more cities in between.  A more specific report is available by zip code (here is 90713 in Lakewood) or by city--this one is for Long Beach.

For a copy of your local report, please contact me and I will be happy to send it to you.

Some selected prices:  the highest median sales price in the local region:  Corona del Mar at $1,700,000; Cerritos, $499,900; Long Beach, $320,000; Signal Hill, $410,000; Cypress, $422,500.

Click on the link to see Dataquick's Southern California report for August. Do you want to find out your home's current value?

Please go to What is My Home Worth for more information.

Long Beach Needs More Single Family Homes on the Market!

Long Beach--two months inventory

For the last year, since March 2011, the Long Beach median prices have been jumping around.  The median prices for listings and sales have gone up and down for the city, overall. These charts show the overall market, which varies in price quite a bit, and lumps all distressed properties in with regular sales.  In March of last year, the median price was $365,000, and for March of 2012, the price is $369,900--while the "sold" prices have actually gone down. But what is in escrow? That's where the prices in 1-3 months may be showing an upward trend, because sales activity has picked up a much faster pace:  the number of single family properties (both distressed and regular sales) in escrow is up 40%, and is at the highest number in the last 12 months.

Median price for listings is up again in Long Beach

And another thing is very clear: in checking with Long Beach, Lakewood and Cerritos, all cities are down to two months or less of inventory for single family houses. The second chart clearly shows a downward trend in numbers of listings on the market since last summer.

That means if no new listings came on the market, the current inventory would be sold in approximately 2 months at the current rate of sale.
Sellers should start contacting their real estate professional now to review their best position for selling, because the buyers, both investor and owner-occupant types, are buying!

I am available to help you as your real estate professional, just give me a call, e-mail me, or contact me through my website at www.juliahuntsman.com.

Distressed vs. Equity Market in the Long Beach Area

There seems to be a perception (among some people) that high end or "luxury" areas are somehow immune to short sales and foreclosures--but that's not true. The subprime loans, originally targeted for "B" and "C" borrowers, eventually made their way into the "A" borrower range, the borrowers most often buying in the high end price range, because of the tempting terms offered by lenders at the time.  Other factors for distressed sales in those areas are that the accumulated market conditions caused job layoffs or other income reduction, and/or the market value drop caused a short sale or foreclosure in a forced relocation for a borrower otherwise current on mortgage payment. In the high end market areas, many sellers with equity who could not sell simply delayed their plans and took the home off the market if it didn't sell.  But others who needed to sell proceeded with a short sale listing, hoping to find a buyer.

• For all of 2011, in the 90803 zip code (Naples, Belmont Shore, Bluff Park, Belmont Park, Belmont Heights), approximately 28% of single family homes in the $440,000 to $1.4 million market sold under distressed property conditions. Out of 172 single family home sales listed in the MLS, 47 were designated as a distressed property sale, most of those being short sales.   Condos distressed sales for 2011 were 37 out of 122, or 30% of the condo market in 90803.
• In the 90814 zip code (Alamitos Heights, and adjacent areas), 34% of single family homes in the $400,000-$900,000 range sold as distressed properties in 2011.

These figures are lower than Long Beach as a whole for 2011, where according to the MLS, 46% of all single family homes sold in Long Beach sold under distressed property conditions.  (These figures for all areas may be lower than the true picture, because some properties are listed as "standard sale" when in fact they are recently foreclosed properties being re-sold by banks which impose their own contract conditions upon the buyer--so they really aren't a standard sales according to standard Realtor contract terms.)

• In Cerritos, approximately 33% of single family homes listed in the MLS, or 77 out of a total of 231, sold as distressed properties in 2011.
• Lakewood's distressed single family home sales in 2011 constituted 47% of all single family home sales, comparable to the entire city of Long Beach for distressed home sales.

There really isn't any place that is immune to this category of transaction, certainly not in Southern California. For a consultation about your residential property value, and what you may be able to do, please contact me, or visit my website at www.juliahuntsman.com at "Help for Homeowners".  Don't be one of the potential sellers who does not investigate all options, the bank would really rather have a sold property, a modified loan, a re-finance, rather than a foreclosed property--it helps their values as well.