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

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.

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 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

Luxury Market is Active, Long Beach Quarter Ending September 2020

The luxury market in many areas has taken a surprising jump up, Long Beach included.  In fact, Los Angeles County for the quarter ending September, 2020, has had the most sales over $1,000,000 compared to the rest of the state, including the Bay Area. 

In Long Beach 90803 zip code alone, there were 52 residential sales over the $1 million mark ending in the 3rd quarter, and the average of the median price was over $1.382 million.  That was up 4% from the prior quarter.  Bixby Knolls was up 325% from the prior quarter, with 17 sales with median average price at $1.370 million.  Zip code 90808 (east Long Beach) had 11 sales averaging over $1 million, and 83% increase over the prior quarter.   The most expensive home sold in the last quarter was over $4 million.

The graphic shows more detail about Long Beach luxury sales.

 

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

Luxury Homes in Signal Hill

Crescent Square Homes have room for everyone, 4 bedroom homes--3.5 baths--designed for multigenerational living.They are three stories, with an option for an elevator.  There's room for 3 cars. Fully equipped kitchens include a kitchen island, but there's a formal dining room too! The upper level even has a kitchenette in Model 2.

In keeping with the City of Signal Hill's past, the exteriors blend with Spanish, Craftsman, Colonial or Monterey styles of architecture.

Currently, there are still several homes available ranging from approximately $941,000 to $1,028,647 (the average price of a single family home in last 90 days is $911,718). More features include large walk-in closet, outdoor covered balconies, tankless water heater, private master suites. Located adjacent to Long Beach, a new homeowner can take advantage of local Signal Hill shopping and restaurants (including Costco and Mother's Kitchen), but also a quick drive to the beach, classes at Cal State Long Beach, or dining in Belmont Shore.

To take advantage of this new home opportunity please contact me right away!

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

Signal Hill View Home, Promontory Crest

 Beautiful luxury home in Signal Hill offers panoramic views in Promontory Crest, offered at $1,148,000.
This exceptional two-story home offers three bedrooms PLUS a large office, beautiful kitchen, dining area.  Maple hardwood floors, granite in the kitchen, plantation shutters, and wired sound are just some of the extras in this home.
The views are extraordinary and the location is ideal in one of Signal Hill's nicest developments.
Promontory Crest offers its members a pool, spa, barbecue, outdoor cooking area, playground, and hiking trails.

Open house this weekend on Sunday April 29th, please contact me for more information, easy access through HOA's gated entry.
Lic #01188996

 See more at http://www.juliahuntsman.com/open-houses.html






Listing Broker:  Time Realty

Signal Hill's Skyline Estates Dream Home with World-Class Views!

Home on Sea Ridge

This desirable highly sought after home is located in the Signal Hill development of Skyline Estates. Situated on a unique promontory in the highly coveted “Sea Ridge” with sweeping and explosive views from Palos Verdes to the Pacific Ocean to Newport Beach. The views from this home are unparalleled. The three-level floor plan features a formal dining room, formal living room, spectacular ‘Chef’s’ kitchen with GE Monogram appliances, double ovens, center island and breakfast bar that opens up into the family room with expansive windows offering impressive views of downtown Long Beach. 

View towards San Pedro

Three bedrooms are located on the first floor with one being a second master en-suite. The spacious master retreat features lounge, massive walk-in closet. master bath with dual vanities and spectacular tub featuring city views. Wonderful backyard with fireplace and BBQ is perfect for entertaining year round. 

Excellent location close to the community walking trails, and pool. Just minutes to Belmont Shore, Downtown Long Beach and freeway access.
Association dues include community pool and paved road.
Information per MLS# PW15230654

View of downtown Long Beach

See the video and/or find out more about this home, please contact me at 562-896-2609. CA Lic. 01188996

Listing Broker:  Boardwalk Properties

Long Beach is Among the Top 10 Markets in the Country

Homes Along Alamitos Bay, Long Beach

The top 10 markets in the country right now are ranked as follows, according to Michael Sklarz, principal of Collateral Analytics and contributing author to Home Value Forecast :

Top Markets

1. Boston-Quincy, Massachusetts
2. Cambridge-Newton-Framingham, Massachusetts
3. Indianapolis-Carmel, Indiana
4. Santa Ana-Anaheim-Irvine, California
5. Oxnard-Thousand Oaks-Ventura, California
6. Raleigh-Cary, North Carolina
7. Los Angeles-Long Beach-Glendale, California
8. Wichita, Kansas
9. Colorado Springs, Colorado
10. San Antonio-New Braunfels, Texas

The high end markets in the Bay Area and around Los Angeles are showing stronger price growth compared to lower priced markets. The buyer profile shows lower loan-to-value mortgages, and are affected less by the current tight underwriting circumstances.   Manhattan Beach has seen prices rise to all-time highs; Los Angeles County may be in the early stages of an upward price cycle.  These markets were included in the top 10  "based on factors such as sales/listing activity and prices, months of remaining inventory (MRI), days on market (DOM), sold-to-list price ratio, and foreclosure and REO activity."

Is this a permanent situation? A company called Radar Logic says that the current rise in prices is unsustainable, and that the entry of so many investors with all-cash may actually be dampening growth, and that this situation will not last with even growth into the future for some time to come.  Diminishing inventories have helped fuel sudden price growth, and "Corporate investors were most active during November in hard-hit markets. In fact, half of all corporate purchases took place in just five markets-ones considered especially affected by the housing crisis. Those markets include Miami, Los Angeles, Phoenix, Atlanta, and Las Vegas," areas where investors paid 25% more in November, 2012 than the same time the previous year.

Know Your Local, Local Market: A Call to Confidence, for Buyers AND Sellers

Don't short change yourself.

Sometimes people act as if they are just looking for a reason to feel bad, and any attempts to correct, or just gently push away, negative assumptions are met with even stronger resistance.  Twice in four days, the negativity virus has struck people I'm talking to. (The open house rate can be much higher.) One person believed he has the worst looking house possible and that it will never sell, when in fact, a few immediate corrections, including some paint, costing $1000-$1500 would probably put the home on its path to a motivated buyer in at least his house price median. Unfortunately, this owner has fallen prey, over and over, to the repetitious negative media message about "the bad market", all the while knowing nothing about his neighborhood statistics. He couldn't believe he actually had an opportunity somebody out there is looking for: a solid little house with a large back yard in a nice neighborhood under $350,000. Instead, he was looking backwards at perceived complications and difficulties, not forward into the light of a sold property. Maybe he's just not ready, but just in case he's reading this, the light of a sold property can be a very happy light.

This is the real job of a real estate agent: educating the client, which in turn would fire them up with more enthusiasm and motivation about taking action. It's a shame to see a person get into a real funk, a downward spiral of mopiness, when I'm hearing there are buyers looking and looking for certain opportunities. Repetition of the message is where it's at.  The media knows this, and feeds on the human tendancy to embrace fear.  So Realtors have to know it also: We have to be prepared over and over, to show, act and tell wherever and whenever, the postive truths about a client's local market, and show them what solutions could work best for them, over and over. You can't convince someone of something they really don't want to be convinced of, however, repeating things over and over is the key to all learning. Yes, it's a challenge. 

I tried to explain to my prospective seller that the first time buyers are out there in great numbers, in fact, in Los Angeles County, about 60% of first time home buyers can afford a median-priced home (at the height of the market it was about 10%).  At the end of 2010, the LA County median priced single family home was $323,000 (per CAR), and for April 2011, it was $333,000 (per tax data).  And then I tried to explain that investors with all or 50% cash have been very strong in the market also, composing 30-50% of all sales in some markets, actually making it tough for the first time buyers who get outbid.  So Mr. Seller, for the right property in the right area, there's competition out there. Our unsold inventory in Long Beach is recently at 2-3 months (that used to be called a seller's market), the housing affordability index is now where it was in 1999 and 2000. The trickle up effect is that the higher end homes are selling more--those over $750,000 in Los Angeles County have decreased in supply of inventory compared to one year ago.

Just give peace a chance.

Southern California Cities in Escrow

Here's the general trend of current pending sales of several cities noted through the SoCalMLS record, first taking all residential and commercial properties at all prices, and second looking at condos and houses in escrow and listed over $750,000 (second group for some cities):

• Long Beach - 19% (approx. 576 plus 2499 active); 12% (30 pending, 213 active)


• Norwalk - 21% (approx. 134 plus 493 active)


• Cerritos - 31% (approx 65 plus 147 active); 21% (76 pending, 281 active)


• Bellflower - 20% (approx 82 plus 319 active);


• Cypress - 24% (approx. 57 plus 166 active);


• Lakewood - 29% (approx. 115 plus 283 active); 17% (2 pending, 10 active)


• Stanton - 24% (approx. 51, plus 160 active);


• Seal Beach - 18% (approx. 50 plus 221 active); 23% (10 pending, 33 active)


• Downey - 20% (approx. 135 plus 554 active); 6% (6 pending, 97 active)


• Huntington Bch - 20% (250, plus 1014 active); 21% (76 pending, 281 active)

For properties over $750,000, Downey appears to be the least successful in that market. Both Huntington Beach and Long Beach escrows range up to the $5,000,000 price.

This is an "unscientific" local market assessment to take a look at general trends in the area, with the only price breakdown for residential being over or under the $750,000 mark, a completely arbitrary price point based on my personal experience with buyer comments about their affordability.

The first-time buyers and others in the $300,000-$350,000 price range are out in full force, recognizing that with the buyer affordability index at 44% (California Association of Realtors), now is the time to buy. Sales activity is historically higher at this time of year, but my opinion is that the second half of 2008 will fare better than the first half of 2008 and all of 2007. "Short Pay" sales seem to be more than half the market in some areas, but the good news is that some banks are becoming faster and more efficient in handling their approvals and closings on these properties.

Are higher end properties over $750,000 selling slow in all areas (see Dataquick article)? Not in Seal Beach or Huntington Beach--whereas that seems to be true in Long Beach, Downey, Lakewood, with Cerritos doing better in that price range.

Many bank-owned properties right now are a poor reflection on the market, most of them are sold in poor condition with no attempt at any basic carpet and paint clean-up, a minimal cost, so those either invite lowball offers or sit longer on the market.

Naples Island Home on Canal--Luxury Property

Water view: Canal frontage plus a boat dock and private inner courtyard.

Click on photo for listing information.










Long Beach long beach real estate 'Voice this!