Showing posts with label Long Beach. Show all posts
Showing posts with label Long Beach. Show all posts

3/05/2024

January 2024 Market Report for Long Beach and Los Angeles County

LA County and Long Beach Housing Data, Jan. 2024
 Sales growth for Long Beach in January was down by 5%, while the median price climbed upward another 8% to $886,000.

Median price for all of Los Angles County was $925,000, also an increase by 8%.

Look at other cities: Similar median price but far fewer sales, such as Hawthorne, West Covina,, Claremont and San Dimas. 

 So one of the things this chart shows is that Long Beach is more active than other cities: housing variety, larger city, range of prices.

Sales over list price: in Long Beach in January, 49% of sales were over list price, for Los Angeles County it was 39% of sales were over list price.

(This is an interactive chart, display is a screenshot only.  I would be happy to forward the link upon request, it covers all counties and most cities in California.)

NOTE:  The graph at the right shows average home price for Long Beach for February 2024 was $1,086,764, and increase of  11.1%; the median home price in February was $925,000, an increase of 5.7% (compare to January median price of $886,000).

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

12/15/2023

Happy Holidays to All

 


 

 

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | 

California Lic. #01188996

11/07/2023

Long Beach Year-to-Date for Single Family Homes as of September 2023 (and LA County Information)

Year to Date Stats September 2024

 

 Long Beach Market, September year to date:  

  • Existing home sales total 796 (down almost 30%)
  • Monthly average of active listings total 94 (down over 26%)
  • Active listings with reduced prices total 31.4%  

Sales to list price is 100% with the median price of $900,000.  There's still competition out there and at the same time sellers need to be realistic on pricing and offers for their local market.

As of 11/7/2023: there are 153 active listings of single family homes in Long Beach, with a median of 32 days on the market (yes, at this time of year timing is usually slower).

September Los Angeles County Inventory Report showing city prices and market information:


 

Contact me for your real estate needs!

 

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

8/21/2023

Higher Home Prices and Higher Interest Rates, But Homes Still Sell

The National Association of Realtors data shows home prices increased in 60% of the nation's largest metro areas, while 30-year mortgage interest rates hover around 7 percent in the Freddie Mac survey of rates.

New inventory on the market is hampered by homeowners with mortgages at 3 percent rates and below who do not want to sell and move into a higher interest rate market which would of course increase their costs on monthly payments.

As an example however, twenty-three (23) out of thirty (30) single family residences as listed in CRMLS which sold in Long Beach in the last 30 days--from the date of this post--closed with buyer financing, including conventional, FHA or VA loans. Five properties closed all cash, and two listings did not indicate cash or mortgage.  So those buyers are obtaining loans, and they are obtaining home insurance as required by the lender (another challenge for some buyers in this market). A total of 100 single family residences sold in Long Beach in the previous 30 days, so the pool of 30 above would indicate that approximately 76% of homes are successfully closing with financing.  Insurance tips here

 If you are interested in an evaluation of your property, please call,  text or email me. I am here to help.

For buyers who need assistance in the current market, I'm also here to help, using my 28-plus years of Realtor experience.

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

8/08/2023

Closed Sales Volume in California, Southern California and Long Beach

May, June and July of 2023 down 18% in Southern California sales volume for single family homes, better than last December's volume which was down 46% (see the orange bar for Southern California).


Home sales volume bar graph statewide

Southern California home sales volume has been "below the line" for over two years, along with all areas of the state.

High homes prices and unfavorable rates continue to have influence for buyers, of which 41% believe prices will continue to climb. Those who believe it's a good time to sell continues at the rate of 64%, so inventory not loosening up much on the sell side. 

Although there's been a crunch on obtaining purchase home insurance in certain areas, the local market is still seeing buyers successfully closing their escrows.

In the last 30 days, 97 single family homes (average price $1,136,577) and 69 condominiums (average price $592,000) sold in Long Beach.

If you would like to find out more about selling, doing a 1031 exchange, or just find out more about the market in your area, please contact me via phone, email or text.  And please feel free to do a property search on my website.

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

7/11/2023

Long Beach Houses: What's on the Market And for How Long

Beautiful corner lot home
The market seems to be back to multiple offers and buyers feeling a lot of stress, unable to get into contract with a seller. It's true, there's low inventory, and higher interest rates.  

But not all properties are selling within a few days of coming onto the market. However, many of the home sitting on market are in the higher price range, over $1,000,000.  

The record holder on the active market in Long Beach right now is a single family in the 90803 zip code listed at $3,149,000, on market for 350 days as of July 11th--it doesn't appear to have been in escrow according to MLS data.  

The next highest time on market is a house listed at $829,000 in the 90804 zip code, on market for 336 days as of July 11th.  It was reduced from $929,000, and doesn't reflect that it's ever been in escrow.   

The next property is back in the 90803 zip close to the water listed at $3,749,000, on market for 243 days, also never in escrow per the MLS data. 

Another home in North Long Beach, completely redone on the interior is listed at $795,000, on market for 148 days.  

Then Bixby Highlands has a listing $1,099,000, on market for 127 days, never in escrow.

And so it goes through a list of 124 active properties, with the lowest house starting at $469,000, the highest list price being $6,999,000.

In Long Beach, in this group of 124 all active SFRs in the city, the average list price is $1,522,138 with an average of 41 days on the market.  There are 64 listings under $1,000,000, roughly half of the total group.

Currently, there are 109 SFRs in escrow , with average of $1,162,566 and an average 35 days on market.

So in spite of the overall inventory shortage, there's more active listings than are getting into escrow.

If you would like help buying or selling, please contact me for local area information of your property, and local listings on the market. I've had 28 years of experience helping both buyers and sellers.

 

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

5/09/2023

Snapshot of Single Family Home Market in Los Angeles County and Long Beach - March 2023

The Los Angeles County update for

Los Angeles County Market Update
March 2023.
 

Median Price for Single Family home: $718,370

Home Sales are Down - 30%

Unsold Inventory - 2.2 Months down 22%

Median Time on Market - 19 days

 

 

 

 

 

 

 

 

Long Beach Market for March 2023

Long Beach Market Update

Median Price for Single Family Home $916,000 - Increase over 2%

 Home Sales are Down - 35%

 Active Listings  Down - 21%

 Median Days on Market - 12 days

 Sales to List Price - 100%

 Active Listings w/ Reduced Prices - 30.4%

 Overall, time on market continues to drop, and supply is tight as new listings decline from last year.

California's 50 of 51 counties experienced a sales drop compared to a year ago, with 35 counties dropping more than 30% in sales volume, with weather having a major impact.  Median price statewide for March was $791,490, compared to the $851,130 median price for March of 2022. California Association of Realtors reports:

"California’s median home price grew for the first time in seven months in March, increasing 7.6 percent from February’s $735,480 to $791,490. March’s price also was lower on a year-over-year basis for the fifth consecutive month, declining 7.0 percent from the revised $851,130 recorded last March. With home prices rising more sharply than the normal seasonal pattern last year, the market could see larger year-over-year price drops as it moves through the spring home-buying season."

Even with interest rates higher than last year, prices locally in Long Beach remain strong, while inventory is low and buyers are still competing with each other. If you would like to get an estimate of value for your home, please contact me. Getting a home estimate is a good planning tool, even if you are not sure you're selling right away.  While there are online estimates of value available, automated valuation systems do not select for certain property features, and may vary greatly with one another. Ask a professional.

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

5/05/2023

No "Mansion Tax" in Long Beach, A City of Beautiful Homes

The City of Long Beach has many fine homes in the luxury category currently on the market. If you're looking for historic or a more contemporary style, water views or not, Long Beach has much to offer.

skyline view of downtown Long Beach
View of Downtown Long Beach

And, unlike the City of Los Angeles, there is no "mansion tax" (Measure ULA) such as the one effective April 1 which adds thousands of dollars in the form of a 4% transfer tax for sales above $5,000,000. According to this Los Angeles Time article, the market over $5,000,000 has slowed considerably since then, not generating the planned funds for housing for homelessness.

 

To search homes available as of May 5, 2023 over $2,000,000 in the area, look at these Long Beach opportunities to buy in Naples, Park Estates (listing designed by Lloyd Wright), Belmont Heights, Alamitos Heights, and Virginia Country Club.  For buyer representation, contact me on any property of interest.

In the Long Beach market in the last 6 months there were 21 sales of single family homes between $2,000,000 and $4,000,000, and currently, in the same price range, there are 27 single family homes in escrow or actively listed on the market.  Although properties in the past have sold well over $5,000,000, currently the market is under $5,000,000, a good opportunity for the luxury home buyer.

Naples sidewalk along the bay
Naples home, water view

Take advantage of this opportunity now! By using the search function on the link above, a buyer may change the criteria for any price range and type of property for many cities in the Southern California market.   


 

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

2/10/2023

Long Beach Sales and Listings Trends; County Sales and Listings Trends

Closed Sales Graph for PWR Region

In the region covered by the Pacific West Association of Realtors, extending over south Los Angeles County and Orange County cities, the graph clearly illustrates falling volume of sales. Single family homes closed in January 2022 were at 1,650, while SFRs closed in January 2023 were at 1,091.  Townhouse-condo closings were similar: 849 last year vs. 471 sales in January 2023 -- a drop of almost 50%

But the new listings on market show an improvement over the same geographic area:

Homes for Sale Graph in PWR Region
January 2023 shows an active inventory increase of 12.5% for single family homes, and an increase of 30.6% increase for condominiums-townhouses compared to one year ago.  Neither are as high as 2021, but the upswing shows more owners are moving on to allow more buyers to enter the market.


12/22/2022

Long Beach Housing Market Profile for November 2022

Amazingly, the median and average single family prices are up over the rolling calculation 12 month period by 7% and 11%, respectively. Comparing November to November, however, the median price is down almost 4%, but the average sales price is up over 3%!  Yes, the year has been somewhat fractured, what with interest rates down, then up, then softening again most recently.

Although it may vary in individual neighborhoods and price points, the original list to sale price on a rolling 12 month basis was over 100% -- still!  But then comparing November to November, that figure shows sales prices were down almost 4% for the City as a whole.  

November Housing Stats for Long Beach CA

The picture for condominiums is similar, the 12 month rolling calcuation is up over 9%, the November to November comparison is down for median prices, still up slightly for the average condo price.

Long Beach condo pricing - November

 

 

 

 

 

 

 

 

 

Best wishes for a beautiful end of 2022 holiday celebration!





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

11/23/2022

Thanksgiving Update for Local Long Beach Area Market

Horn of Plenty Happy Thanksgiving

We're constantly reading about the shortage of housing units, in California and nationwide, and its effect in creating rising prices (still), yet the actual activity in many areas shows constantly decreasing prices and longer times on the market, because at the same time many buyers struggle with the higher interest rates.

And then there's this:

The number of homes on the market has grown amid the collapse in demand, but in emailed comments, Lawrence Yun, chief economist for the National Association of Realtors, said new listings are lower compared to the same period one year ago and that housing inventory overall remains near “historic lows.”  Forbes.com article.

In the midst of buyers who struggle with obtaining loan approval at higher interest rates, there are also those buyers who are exceptionally well qualified, and can buy well over the list price of the house they make an offer on, and also know that in the current market sellers may be feeling the pressure of selling, so they bid low, sometimes very low, well under market value. The property with very recent upgrades, i.e., new kitchen or new bath, is likely to fare pretty well, but still much depends on location, floor plan, and size factors. Out of 37 closings in the last 3 days in Bellflower, Long Beach, Lakewood, Cypress and Signal Hill, and Los Alamitos, 12 sold over last list price, but not necessarily with the huge overbids of 2021. 

Long Beach zip code median single family prices for October:

90806   $705,000  Please see my Wrigley listing

90803   $1,477,000

90808   $895,000

90815   $983,000

90805   $628,000

90807   $1,020,000

So while these prices may still look healthy, all these areas are down from the peaks in April and May of 2022, when the median SFR price in April for all of Long Beach was $1,040,000, compared to October when the median SFR price for the city fell to $850,000.  (Average prices produce a different number in some cases, but the median price is not dragged up or down by an outlier price they way an average price may be.)  Both buyers and sellers have  been caught off guard by the volatile, and literally overnight, changes in interest rates, up as high as 7.2%, and then recently returning to the high 6%'s.  There are various projections about future rates, discussed in California Association of Realtors annual market prediction.  The future is hard to predict, and buyers and sellers should act promptly -- buyers who want to wait 6 months out to buy are chancing what could be a very different environment, and this is true in any market.

For an evaluation of your property please contact me for more area market information.

And, oh yes, Happy Thanksgiving!

 

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

9/24/2022

Just Listed, South Wrigley Charmer in Long Beach


Front porch of Wrigley home
Sofa, hardwood  floors and fireplace
Living Room and fireplace

 

Update:  this property is listed as of 11/22/2022 for $720,000.  Best of this Wrigley neighborhood in Long Beach, this lovely home at 861 W 21st St is ideally located for those who need to commute to nearby Lakewood/Long Beach/

Backyard gazebo

Formal dining room and china cabinet

Los Angeles areas for work, or just want a very comfortable two-bedroom home.  Spacious back yard patio and gazebo with yard is ideal for entertainers or gardeners. Front xeroscaping is suitable for the environment, new driveway gate offers privacy and security. Art Deco styling is typical of the 1935 era, and newer plumbing is a maintenance asset. See it all at the MLS listing. Contact listing agent for more information, or visit my website below to see "featured properties" or open houses tab. List price at $740,000.  Find out more information for a $5000 grant for the buyer and qualifying for a special program.  Such programs may be helpful in buying down an interest rate, and saving money on the monthly mortgage!

Wrigley home with red front door, front porch, landscaping
 

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


8/17/2022

How Much Froth in the Housing Market is There?

Mortgage interest rates have been volatile, going up and down on a daily basis--today's rate (August 17) is at 5.22% per https://thefinancials.com for a 30-year mortgage, but recently it was up past 6%.  This has been affecting buyer behavior a lot for the purchase market, and has been slowing the sales volume for sellers.  However, while market time is longer than it was in the crazy pandemic purchase market, it is still not a buyer's market, just a somewhat longer selling time for sellers. 

Credit: Steven Thomas--Housing Reports
Price reductions in Los Angeles County equals 35% of market listings as of last week; Orange County reductions at 39% of market listings last week, and so on for Southern California counties. 

What counts right now for sellers is really taking stock of how you as a seller compare to your nearby home sales in terms of curb appeal, views, upgrades, remodels, and showing condition, on a more specific level than has been happening since before the pandemic price surge.  There are more listings on the market, but still not at the "normal" 6 month inventory level, and in fact, the Long Beach inventory level for July single family homes and condominiums was still only 1.9 months! On a national basis, it's more like 3 months--so in spite of the media attention given to some kind of housing debacle, there is in fact still a demand for inventory.  Increased interest rates have definitely affected buyers--the super low rates are not around, and the higher rates have pushed up monthly mortgage costs that many people cannot absorb.

 For a more complete weekly analysis of the Southern California real estate market, visit Orange County economist Steven Thomas at his weekly show.

Local market update for average single family home prices in July by zip code: 

Long Beach

90803 - $1,665,375

90815 - $1,008,650

90808 - $1,093,065

90806 - $728,800

Lakewood 

90712 - $817,938 

90713 - $855,535 

Signal Hill

$1,170,000 

Cerritos

$1,022,733

If you are thinking of selling, or would just like to know the market pricing for your home in the next 30-60 days, please contact me, I will be happy to assist you in person or online.  

 

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

8/05/2022

Where is Market Pricing for last 90 days in Long Beach, Cypress, Lakewood?

View toward downtown Long Beach

The following cities sold statistics for single family homes for the last 90 days:

Cypress, average sale price of 56 homes: $1,055,946, 15 days on market.

Long Beach, average sale price of 446 homes:  $1,052,166, 15 days on market

Lakewood, average sale price of 176 homes: $830,722, 14 days on market



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

3/30/2022

Long Beach Residential Unit Market

Did you know ...?

There continues to be a demand for Long Beach residential rental housing, and rents are at a premium.

The average sold price for a 4 unit property in 2021 was $1,321,209, which is up from an average price of $1,165,367 in 2020.*

Spanish style Belmont Shore units
Belmont Shore units

The average sold price for a 2-3 unit property in 2021 was $987,857, up from an average price of $883,062 in 2020.*

Currently, the average list price in Long Beach for 2-3 unit properties is $1,094,045, and for 4 unit properties the average list price is  $1,336,468.  Actual rents for  a 2 bedroom/1
bath may average about $2150/month, with proforma rents being a little higher depending on the size and area location, i.e., downtown, North Long Beach, Belmont Shore.* 

The last 90 days of average sale price of a 2-3 unit property, citywide, is $1,153,356 -- 24 of 59 properties sold over list price.  The average sale price for a 4-unit property is $1,375,283 -- 4 of 18 properties in the same time period sold over list price. 

 

Unit sold prices in Long Beach

To see active listings for duplexes, triplexes and 4-unit properties in Long Beach, please go to this search  which may be revised to include other types of properties, and other cities.

For an online (or in person) valuation of your income property, just contact me.

 *Information from CRMLS.                    

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

3/10/2022

Open House in El Dorado Park Estates, Long Beach

3400 Julian Ave
3400 Julian Ave.

SOLD

 

MARCH 12 AND 13 -- 12 PM TO 4 PM.

3400 JULIAN AVE, LONG BEACH 90808

Beautiful  two-story corner lot home with numerous upgrades. Large five bedroom, three bath home with an additional 300 sq. ft. of permitted enclosed patio.  On the lower level is one bedroom and adjacent bathroom, which could also be a den/office/TV room; a carpeted living room with a fireplace, formal dining room; and a totally remodeled kitchen with granite countertops with a large island with cabinets. The kitchen has a garden window over the sink. Formal dining room overlooks the backyard. The family room opens to a covered patio with a wet bar. The living room opens to a permitted 300 sq. ft enclosed patio which could be used as a very large extra family room.  The upper level has a master suite with a fireplace, bathroom with dual sinks and granite countertops, and a jetted bathtub, plus three other bedrooms, one of which is converted into two walk-in closets by Closet World.   Extra-large two-car garage with storage cabinets, laundry in garage. Direct access to the garage from the family room. Crown moldings throughout the house and also recessed lights. Roof and solar systems  are fully paid for and are less than three years old. Rain Soft Water Softener System is installed in the garage area. Central Air/Heat, appliances, front sprinklers, laundry in garage.  COME SEE! Call open house broker for more information.

NOTE:  Sold---for all cash.


3400 Julian Ave
Living room

kitchen
 

Front entry hall
 

 

 

Family Room addition
 

 

 

 

 

 

 

 

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

 

MLS #PW21255218; Listing Brkr El Dorado Realty SoCal.

 


12/31/2021

Long Beach End of Year Housing Stats

Willmore, Long Beach

Best wishes for a Happy New Year!

In spite of the lowest inventory ever (at end of November Long Beach was at .8 months, meaning inventory had about 3 weeks of life at that point), 2021 saw more sales in houses and condos in Long Beach than 2020 did, as of December 31, 2021.

2020 = 2,073 SFR sold; 1,027 condos sold. (CRMLS sales)

2021 =2,281 SFR sold; 1,320 condos sold. (CRMLS sales) 

 (These figures do not account for the off-MLS sales, many of which have been later flipped for sale on the MLS, or have sold as "pocket listings" (a practice addressed under the Clear Cooperation Policy of National Association of Realtors), however, the vast majority of residential sales are recorded in one of the nation's approximately 500 MLS systems of which REALTORS are members.)  

Right now, condominiums represent a strong buying opportunity for first time buyers--in Long Beach active condo listings have a median price of $482,444, and an average list price at $679,259; single family homes in Long Beach have a median price of $929,990 and an average list price at $1,358,262.

For more information about 2021 buyers and sellers, see NAR's annual report summary.

Where did sellers move to in 2021?  Top destination states were Florida and Billings, Montana, while California fell into the outflow category, except for the City of Beverly Hills, which was the fourth highest city in the country ranked for inflow of residents (and the only city in California), according to the migration report at MoveBuddha.

For more information about current market listings, whether you're a buyer looking for a property to buy, or you would like to know more about market selling prices in your area, please contact me or visit my website at www.juliahuntsman.com for the ability to search for all listings on the MLS--updated daily.

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

12/15/2021

December Housing Prices in the Local Long Beach Area

First, the inventory for single family homes and condominiums remains low, but now it's "extremely" low.

Long Beach November stats-2021
 In November, the inventory for houses decreased  33% compared to one year ago, 181 homes for sale compared to 272 one year ago; inventory for condos in Long Beach decreased 51% from the prior year, from 276 to 134.  The average sales price for a house in Long Beach was $951,203, and the average price for a condo was $552,356.  Compared to November 2020, prices increased 9% for SFRs, and 17% for condos.  And, it's also obvious that listings do not spend much time on the market before selling. And, over the last 12 months, in spite of decreasing inventory, the sales volume in both categories is up.  (Information data per CRMLS as of December 5th, 2021.)

 Currently, as of December 15th, in Long Beach there are 182 houses and condos listed actively or "coming soon" for sale in the MLS, with 75 of those being condos, or 41% of the current listings in Long Beach are condos--the lowest price condo is a studio listed at $205,000 featuring 343 sq.ft, the highest price condo is $2.699 million (11 Temple Ave) featuring 4300 sq. ft, so a huge price range, but the graph indicates more the condo price norm in Long Beach.  

Overall, the market is still reflecting the price surge that took place after the start of the pandemic, both locallly and nationally.  Nationally, 2021 is the best sales year since 2006.  The conventional and FHA loans amounts have been (or with FHA, will be soon) increased to meet the higher prices in the West.  If you want to sell, where can you move to?  The southern states and cities of Tucson, and Dallas area are two cities that are predicted to be active in the 2022 market, and other  regions in the southern half of the country. The national price increase may rise about 5%, and interest rate hikes may occur 1 or 2 times, per National Association of Realtors. 

If you would like information on where you can fit into the current market, please contact me, and remember you can always search for listed properties on my website listed below.


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

11/01/2021

Average Selling Prices for Long Beach, Lakewood, Cerritos, Huntington Beach plus 4 Counties, October 2021


 All these average prices are for single family homes for the month of October, 2021, based on data from CRMLS Infosparks:

Graph also includes Riverside County.  As the market moves increasingly towards the "luxury" market (home prices over $1,000,000), what will happen to average prices in the lower priced areas?  Already San Bernardino has risen from an average price of about $350,000 in 2019 to over $500,000--the average home price for Los Angeles County as a whole exceeds the average for the entire local MLS system (CRMLS).  Average days on market is well under 30 days for these figures.


October, 2021
Long Beach
 $926,773                 Avg Days on Market :20
Lakewood
$774,909                  Avg Days on Market :14
Cerritos
$1,034,148               Avg Days on Market :15
Huntington Beach
$1,372,754               Avg Days on Market :18
Cypress
$1,026,296               Avg Days on Market: 12
Los Alamitos
$1,129,167               Avg Days on Market: 14 
 
Los Angeles County
$1,309,422 (4th highest average price in last 5 years, all in 2021)
San Bernardino County
$529,915   (2nd highest average price in last 5 years)
Orange County
$1,518,637 (2nd highest average price in last 5 years)

 

 For a market evaluation of your property (house, condo, multiple units), please contact me or go directly to my website for your own automated estimate delivered directly to your inbox.


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

9/14/2021

Rent Growth is Surging

Rents increase in 93% of metro areas

The national multifamily is surging ahead this year in many markets, over 10% to $1539 monthly rent nationwide.  August, according to Yardi Matrix's August report, showed year over year rent growth in 30 markets:  Phoenix leading at 22 percent, Tampa, Las Vegas, San Francisco at 1.4%.  

In August, seven gateway markets surpassed pre-pandamic levels, from March 2020:   Miami (16.2 percent), Boston (7.0 percent), Chicago (6.4 percent), Los Angeles (4.9 percent) and Washington, D.C. (3.9 percent).  The ApartmentList.com graphic, from an April presentation, shows increases in metro areas.

On a month-over-month basis from July 2021, Las Vegas, at 3.3 percent, with the Inland Empire and Seattle, at 3.1 percent, registered the largest increases.

Single family rentals, however, outpaces multifamily in the top 30 metro areas, especially in Florida and Texas metro areas. 

Long Beach

Locally, what are rents for residential properties?  For brand new housing, Holland Partners has recently opened Volta at 635 Pine where rents start at $2175 for a 1st floor studio under 500 sq. ft., on up to $4590 for a townhome style unit--there are 11 units in this project designated for affordable housing.  

Long Beach is a mix of neighborhoods and property styles, so if the apartment searcher opts for a wider variety, the REALTOR MLS reflects a range of different properties on the market for rent or lease, starting at $1395/month for a 500 sq.ft. unit on Pine Ave (downtown) to $15,000 for a house on Naples Island.   Average rent for units in a 4-plex or other apartment style unit is $2100/month; average rent for condominiums is $3000/month; average for a single family is $3477/month (excluding the outlier house for $15,000).  

Alternately, rents in Huntington Beach start at $1800 for 593 sq. ft. condo; Lakewood currently has 4 listings for tent (in the MLS), starting at $3000; Cerritos starts at $2195.  While the renter may find more listings on other internet sites, these prices will probably be very indicative of what is listed elsewhere.

There are many economic factors relating to the higher rents, but one major factor stands out, that consumers who did not lose their jobs during the 2020 pandemic months are still economically strong, while other workers in the food industry and retail were more affected, unfortunately, and will take longer to gain strength in the housing market.  The numbers of individuals who have returned to family homes is a topic for another day, but is also part of the renter picture.


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

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