Average Selling Prices in Long Beach, Cerritos, Lakewood, and Orange County, August 2017

Prices are still going up, and here's what they look like locally.
For a single family detached home, the average prices in this group range from $579,687 to $1,019,768.

Overall the Los Angeles County average price for single family home is $905,787, a decrease from the previous month of $955,973.

All these prices are for the month of August, 2017, based on data from CRMLS.

Both Long Beach and Lakewood saw average price decreases from July, and Orange County is up slightly from July 2017, while Los Angeles County as a whole decreased from August's $955,973 in July.  San Bernardino County average has increased slightly since July, still under $360,000.

August 2017

Long Beach
$686,728 | +8.4%

Lakewood
$579,687 | +9.1%

Cerritos
$773,835 | +9.1%

Los Angeles County
$905,787 | +5.4%

San Bernardino County
$357,482 | +7.0%

Orange County
$1,019,768 | +4.9%

This statistic show a mix of pricing, with Long Beach/Lakewood and Cerritos having less than 30 days on the market on average, approximately 2 months inventory, and closing within 1-2% of original price.

Keeping an eye on things

For an online and automated home valuation, try my site at http://www.juliahuntsman.com/home-evaluation.  It probably works more accurately for single family homes than condos in some areas, depending on what properties lie within about a one-mile radius.  Try it!  And I am always happy to do a more customized report to send out via e-mail.  If you're thinking about making a move, do it! It pays to keep an eye on things.

Proposed Density Changes to East Long Beach, More Traffic, Less Choice. What?!!?

What is Your Vision for Long Beach?

Read below the post concerning plans developed by Amy Bodek, Long Beach Developmental Services Director, and her staff, prior to any public discussion, and affecting many many locations in the 4th and 5th Council districts in which retail would disappear and population density and traffic would greatly increase. Perhaps this is an attempt by the City staff to singlehandedly address a national housing crunch in the belief that no one around here is going to church anymore or shopping at stores, at the expense of local Long Beach neighborhoods. However, after a scheduled hearing on August 17 with the Planning Commission at which Ms. Bodek praised "invisible government" as a good government, the Mayor's office released a statement on August 18 supporting neighborhood review at public hearings (the way we used to do things) as follows--

 

Future citywide workshops:
· Saturday, September 30, 3-5 PM at Veterans Park Community Center
· Wednesday, October 4, 6-8 PM at Whaley Park Community Center
· Saturday, October 14, 11-1 PM at Best Western Golden Sails Hotel
· Wednesday, October 18, 6-8 PM at Expo Center in Bixby Knolls

Read on: 
"RESIDENTS IN LOS ALTOS/EAST LONG BEACH NEED TO SPEAK UP!!
FUTURE VISION for East Long Beach: NO churches, NO retail, NO parking, hundreds more residents under the flight path.When faced with growing opposition to the LUE Plan [Long Beach Land Use Element]- the Bodek bureaucrats re-did their LUE maps to spread the density into the planned and balanced East Long Beach's 5th and 4th Districts.

In the Planning Commission presentation,  Bodek's staff looked to the church properties and called them underused. In the 4th District those underused houses of worship on the LUE map slated for high density housing include:
· Unitarian Church property on Atherton next to the small Botoun Creek Park: rezoned for 5 story condos or apartments.
· Bethany Church property on Clark next to single family residence- rezoned for 3 story apartments or condos
· First Church of the Nazarene on Clark next to single family residence- rezoned for 3 story apartments or condos
The church leadership contacted by LB4D had no idea about the LUE future plans for their properties.
In the Planning Commission presentation, Bodek's staff version of the future of East Long Beach retail would be on the bottom of five to six story residential buildings. The staff described the retailers on the bottom doing most of their business on-line- but giving "discounts" to the neighbors in the buildings above them.
Under the Los Altos Center plan, Bodek would leave a legacy to the City Council's of the future by putting hundreds of new residents in five story apartment houses directly under the flight path that goes over Los Altos Center South with jets flying literally just above their buildings.
4th District legacy properties are also targeted by the new maps. The Long Beach Playhouse property is on the Anaheim Corridor slated for 5 story residences. The architecturally significant Los Altos Medical Center, designed by architect Gordon Powers is slated for a 5 story residential re-zoning.
This is what Bodek's team has planned for East Long Beach retail redo:
4th District
· Los Altos Center North (Trader Joe's area) and South (L.A. Fitness/Lazy Acres): multiple five story condos or apartments
· Los Altos Center South (Hoff's Hut): multiple four story apartments/condos
· The Circle Center retail, Circle Porsche and Audi properties: 5 story apartments/condos
5th District
· Los Altos Gateway center (Kmart/Lowes): multiple five story apartment/condos
· Spring/Palo Verde retail centers : multiple 3 and 4 story buildings
· Town Center: Multiple six story condos and apartments.
The 4th District also gets increased density in its apartment communities. The well kept up and maintained Beverly Plaza-home to a CSULB mini-city- with multiple students living in two bedroom apartments in two story buildings is envisioned in the Bodek plan as SIX story apartment buildings-with the current parking situation.
The six story plan would continue to the apartments just north on PCH and the Traffic Circle."

See the original Long Beach 4th District Blog post on events at the August 17 Planning Commission meeting.  And thanks to the Facebook post by concerned citizen Michele Klein

Average Selling Prices in Long Beach, Cerritos, Lakewood, and Orange County, July 2017

 

Prices are still going up, and here's what they look like locally.

For a single family detached home, the average prices in this group range from $586,928 to $1,003,739, which represent increases between 1.3%-13.2% over June prices.

Overall the Los Angeles County average price for single family home is $956,939, an increase from the previous month (the median price is $610,000 for July).

All these prices are for the month of July, 2017, based on data from CRMLS.

Orange County as a whole has slowed to just over 1.3% from last month while Los Angeles County as a whole increased over 11% in July.  The areas with more lower priced homes (relatively speaking) are seeing bigger increases than Orange County, with overall higher priced homes, with a smaller percentage increase.

July 2017

Long Beach
$705,682 | +13.2%

Lakewood
$586,928 | +12.1%

Cerritos
$757,438 | +4.5%

Los Angeles County
$956,939 | +11.0%

San Bernardino County
$355,603 | +3.1%

Orange County
$1,003,739 | +1.3%

How much higher will things go?  Unknown, but as long as the interest rates are lower, and buyers are able to find sources for down payment funds, the end is not in sight according to many market experts.

If a buyer were interested in the average selling price of $350,000 for a house, then San Bernardino County (average at $355,000 in July) and the Inland Empire would be the place to search in Southern California, and Northern California in many counties, excluding the Bay Area, would hold some similar opportunities.

For an online and automated home valuation, try my site at http://www.juliahuntsman.com/home-evaluation.  It probably works more accurately for single family homes than condos in some areas, depending on what properties lie within about a one-mile radius.  Try it!  And I am always happy to do a more customized report to send out via e-mail.  If you're thinking about making a move, do it! The future is yours.

Average Selling Prices in Long Beach, Cerritos, Lakewood, and Orange County, June 2017

Prices are going up, and here's what they look like locally.  For a single family detached home, the average prices in this group range from $575,786 to $770,826, and for overall comparison to Orange County at over $1 million, they're obviously somewhat lower.  Overall Los Angeles County average price is $918,450 (the median price is $632,000 for June).  All these prices are for the month of June, 2017, based on data from CRMLS

One characteristic to note is that Orange County as a whole has increased just over 4%, Los Angeles County has a whole has increased over 9% in June.  The areas with more lower priced homes (relatively speaking) are seeing bigger increases than Orange County, with overall higher priced homes, with a smaller percentage increase.
How much higher will things go?  Unknown, but as long as the interest rates are lower, and buyers are able to find sources for down payment funds, the end is not in sight according to many market experts. The Federal Reserve, however, is expected to raise rates one more time this year.

"But while interest rates will increase to an estimated 5% by the end of 2018 and 6% by the end of 2019, most economists expect home price growth will also slow to between 2% and 4% once rates begin to rise."

If a buyer were interested in the average selling price of $350,000 for a house, then San Bernardino County and the Inland Empire would be the place to search in Southern California, and Northern California in many counties, excluding the Bay Area, would hold some similar opportunities.

For an online and automated home valuation, try my site at http://www.juliahuntsman.com/home-evaluation.  It probably works more accurately for single family homes than condos in some areas, depending on what properties lie within about a one-mile radius.  Try it!  And I am always happy to do a more customized report to send out via e-mail.  If you're thinking about making a move, do something besides stare.

Long Beach and Los Angeles County Selling Markets for June, 2017

It's an ever declining inventory in California.
For all of Los Angeles County in May, the median house price was $600,000, vs. $555,000 in May 2016.  Yet the sales volume decreased by 30% in that time period.

The California statewide median home price continued over $500,000, as the competition for lower priced homes keeps pushing the overall trend upward.  The number of active listings has decreased by over 13% compared to one year ago.

In Long Beach, it's a similar story. New listings are down over 7%, pending sales down almost 40%, and days on market are less than 50% of last year, but median and average sales prices of single family homes are up 5% and 6%.   The inventory is less than 3 months supply. And the list-to-sell ratio is often at 100%, or higher. In the last 30 days, only 211 single family homes sold in Long Beach, and average days on market was 26 days, with an average closing price of $701,000, per the MLS, at a los $275,000 to $3.5 million.

Yet, sellers must be reminded that unless they have an all cash buyer, current financing regulations dictate certain conditions for the borrower, and ultimately for the seller.  And buyers expect a well-prepared property. Favorable for everyone is that fact that mortgage rates continue to be low at this time.

If you're thinking of selling, please contact me for a competent estimate of market value of your home! Or go to www.juliahuntsman.com for a quick automated estate give to you online.

Long Beach Concerts and Summer Places to Go

The Long Beach Municipal is in its 108th season; Long Beach is one of the few cities which has its own municipal band!

Concerts
June 27 - August 4. Concerts begin at 6:30 p.m. Free. No concert July 4.
Tuesdays: June 27 & July 11 @ Whaley Park, July 18 & 25 @ Bluff Park, August 1 @ Veterans Park
Wednesday: June 28 - August 2 – Los Cerritos Park
Thursdays: June 29 - August 3 – Marine Stadium
Fridays: June 30 – August 4 – El Dorado Park West

See the concert information for the summer.



Visit the Historic Ranchos:

Based on early adobes located on what were the early land grants from Mexico, these became part of one family's history in the area.  They are now owned by the city of Long Beach. They are great family places to visit, with docent tours, children activities and arts programs.

Rancho Los Alamitos
Rancho Los Cerritos


Visit Aquarium of the Pacific  - In downtown Long Beach for family fun -- tours, animal encounters, and educational activities of all types for everyone.


Harbor Breeze Cruises - https://www.facebook.com/cadinnercruises/ and https://www.facebook.com/harborbreezecorp/.  Daily boat trips out of Long Beach Harbor that offer many opportunities for marine life watching!

Find more places to visit at http://www.juliahuntsman.com/beach_cities_links.html

Sales in Los Angeles County: Prices Still Continuing Upward in 2017

The median price of an existing, single-family detached Los Angeles County home rose in April 2017 to $595,000 from $570,000 in March. The March 2016 median price was $542,000.  All data comes from CoreLogic. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values.

The median price of an existing, single-family detached Los Angeles County home rose in April 2017 to $595,000.

But while prices are going up in the County as a whole, sales volume has decreased in the Spring:
the number of single family homes sold in April 2017 was 4,524; in March, 2017 it was 6,051; in March 2016 homes sold was 6,329.  This is a lower but similar sales volume compared to the same time last year.

The 2017 sales volume for Orange County is a similar picture, but with much lower sales numbers: total SFR sales thus far are 1772 and 2469 for April and March, respectively, with median price at $745,000 for both months.

Less inventory means much more competition for buyers in Long Beach.  In the past month, the lower price range under $500,000 sells on average in 25 days on average (overbidding and multiple offers is common), while properties in the $1,000,000-plus range are on the market for 62 days on average.

While housing prices continue upward, housing affordability in California is increasingly a topic of concern.  Another indication of housing prices is that investors are buying fewer single family and multi-family properties.  California Association of Realtors 2016 California Investor Survey found 10 percent of real estate investors purchased more of the other types of properties, such as commercial, land, and mobile homes, in the past year compared to previous years.

Lack of inventory continues, especially in Southern California, and is still an issue for sellers who want to move on--but for those moving out of the area, or for those who have all cash for a purchase, the ability to move on may be much easier, and would bring more housing inventory onto the local market for sale. From that standpoint, it's a good time to sell while interest rates are still low. 

Please contact me for a customized report on home value for your property! And while most people are little uncertain about them, reverse mortgages as a new purchase can be a good purchase tool for the right buyer 62 and over.
 (See the 2016 post on this:  https://longbeachrealestate.blogspot.com/2016/04/sales-volume-in-los-angeles-county-is.html)

Long Beach's Past: The “Cougar” Countess and Long Beach’s Blackstone ...

Long Beach's Past: The “Cougar” Countess and Long Beach’s Blackstone ...: 

Postcard Long Beach History Collection

Here is the fascinating history of the Blackstone in downtown Long Beach, written by my friend Claudine Burnett, formerly a librarian for the Long Beach Public Library system.  The Blackstone, located at 330. W. Ocean Blvd., was at one time a hotel and is now an apartment building which was granted landmark status.

Built by a woman who had inherited wealth from her first husband, she was one of the many people who came to Long Beach in earlier decades and left her mark on local architecture.

 Excerpt: 

"What did this new property Kate now owned look like inside? 

 "The Blackstone had 70 rooms on the second and third floors and 75 apartments on the other floors. Rooms and apartments were finished either in mahogany or ivory.  On the second floor there was a ballroom (dancing was held there every Saturday afternoon and evening), billiard and card rooms. Each of the 8 floors had a sun parlor. Furnishings included floor lamps and table shades and over-stuffed furniture.   In the basement there was a garage for 75 automobiles, shower and dressing rooms for the use of guests returning from the beach. It was quite a luxury to be able to step from one’s car, catch an elevator and go directly to one’s apartment or hotel room. Single apartments rented from $85 to $150 ($1200-$2,120) per month; double apartments $165-$225 ($2330-$3,180) per month; a room started at $2.00 ($28.30) a day.  It opened for business on July 1, 1922."

 

Long Beach's Past: The “Cougar” Countess and Long Beach’s Blackstone ...: Postcard Long Beach History Collection

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

Current State of the Real Estate Market in Long Beach

Conditions for property sales have largely returned to normal, meaning there are very few distressed properties or "special condition" issues on the market.

Out of a total of 401 active listings for single family homes and condominiums in currently on the Long Beach market, as listed in the Realtor multiple listing service, there are:

• 381 standard sales
• 4 foreclosures
• 4 notices of default
• 8 real estate owned, including HUD
• 6 short sales
• 4 probate sales
• 2 requiring third party approval 

In other words, the market from 5-7 years ago which featured a minimum of 35%-50% distressed listings in many areas, both in California and across the country, has improved to a market of majority regular sales.

In the last 90 days (4th quarter of 2016), 562 single family homes sold in Long Beach as "regular" sale, at an average price of $652,936 (ranging from $199,000 to $3,790,000).

In the prior 90 days (3rd quarter of 2016), the MLS reports 563 Long Beach single family homes sold at an average price of $664,070 (ranging from $200,000 to $4,750,000).  So in Long Beach, the overall pricing has been fairly stable for a house for about the last 6 months, based on data from the MLS. As it has for multiple years now, inventory remains in the 2-3 months level, which is what creates more competition among the active buyers and a decentivized seller market which ends up staying put, not finding what they would move on to.

What will happen in 2017 in the bigger picture?  The median California house price is predicted to rise a little over 4%, housing affordability still going down, but sales volume is expected to rise over 2016. There are lots of market variables: global market changes (Brexit); increasing conventional interest rates for some (so far VA and FHA rates are still lower), but interest rates are still very low compared to earlier market cycles; foreclosed houses bought up and turned into rentals; the fact that California is delayed in construction of new units and will probably not catch up for years with the population growth; and also, affordability challenges for first-time and lower income buyers, a very big issue; plus, the baby boomers staying in place, and not moving like their parents did, which means fewer listings on the market (just one of the reasons for depressed inventory).

One thing helping buyers are down payment assistance programs, CalHFA being one, another are two-income families with documented income, and a third is the persistance to become a homeowner.

Please contact me for information about selling, I am also able to search out information in more distant markets which may help a seller in their decision to relocate.