October/November Prices in Long Beach, Lakewood, Cerritos, Seal Beach

Happy December in Long Beach

In Los Angeles County, the median priced home in October, 2016 was $570,000 , up from $510,000 in October, 2015.

The current median single family home price is $513,520 for all of California, an increase of 7.3% statewide since the previous October. 

In the chart are median prices (the midpoint of all sales above and below that price) for Long Beach, Lakewood , Cerritos and Seal Beach single family homes from January 1, 2015 through December 13, 2016.  Seal Beach has decreased by 1.5% in that time; Cerritos has increased by 5%;  Lakewood has increased over 9% overall; Long Beach has increased 11%.


Current average price for a single family home - Long Beach $673,500; Cerritos - $706,453; Lakewood $5554,872; Seal Beach $951,544.
Average 2-bedroom condominium prices for all four cities range from $328,000 (Cerritos) to $391,000 (Long Beach). 

See the July post for prices

California State and Regional Home Sales in August 2016

The August median home price for a California single family home was up to $526,000 in August, an increase from $498,000 in August 2015.

For the Southern California Region, the median home price was $496,000, an increase of over 6 percent from the same time last year.

The median single family home sales price in Long Beach was $546,750 (per CRMLS data), an increase from $537,000 last year.  The Long Beach months supply of inventory increased about 7% from last year to about 3 months of inventory.

As discussed at yesterday's Economics Panel the the California Association of Realtors Expo being held in Long Beach, 3 months of inventory appears to be the "new normal" (compared to 6 months in past years).  This ongoing level of inventory involves numerous factors, one of which is that owners are staying in their homes about 13 years (compared to 5-7 years in the past).

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:

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).

A Few Facts About the California 2016 Housing Market

Every fall a comprehensive report comes out by the California Association of Realtors assessing the current year's activity and projections for the next year.  The second slide shows prior years selling prices and percent change from prior year, interest rates, and affordability indices.

Interestingly, when asked "Which of the following is your dream home?", 32 percent of those surveyed want a Craftsman bungalow, getting the highest number of votes.  Perhaps that's not surprising when you, the audience member, look at the settings for numerous TV shows and home advertisements, i.e., "Blue Bloods" for one. Craftsman homes have lots of wood, warmth and old-fashioned craftsmanship plus a feeling of years of established family ownership in practically all cities in the U.S.

Certainly in Long Beach there are several neighborhoods in which to find one.  But, what does it take to own one?  From 2010, the CA median house price has risen from $305,000 to the current $476,000, and up to a projected $491,000 for 2016.  The good news for buyers is that the rate of increase is slowing to a projected 3.2% increase for next year.  But the other news for buyers is that, as early as December, we may receive the long awaited news about an interest rate increase--already anticipated in the financial markets.  So the rates under 4% for so long are likely to be up to 4.5% next year.  Sales volume is still expected to go higher, hopefully a release from the long-depressed inventory.

Using statewide medians, that 2015 median priced home at $476,000 is probably going to be about $15,000 higher, and the interest rates will be about .5% higher.  Looking at principal and interest only, a mortgage payment could go from $1796.11 (20% down, SP $476,000, 3.99%) to $1990.26 per month for a 2016 $491,000 house at 4.5% interest with same assumptions.

For buyers who do not know any other market except the current very low interest one, this may seem like very foreign territory.  But it's still not such a bad time to buy.

Too see the entire CAR 2016 report in pdf format, click here or see below in ScribD

2016 California Economic Market Forecast

May 2015: Average Price of a Single Family Home in Long Beach CA: $590,000

The average price of a single family home in Long Beach at the end of May was $590,000, an increase from $427,000 in January of 2013. The overall market in California is characterized by fewer first-time homebuyers, lower homeowner turnover, static turnover in rentals. Employment levels are not expected to rise to pre-recession levels until 2019, even though California has regained all the jobs lost due to the 2008 recession. High level of speculation by investor buyers drove prices upward beyond the borrowing capacity of occupant buyers. California homeowners underwater in their home values is around the 9-10% level, and is another chunk of the population which is holding back movement in the market due to inability to move on.
Relocating baby boomers are anticipated to be a forward movement in selling and then buying -- however, that will vary greatly by geographic location in the state. According to an estate sale professional who works in the Long Beach area and is kept very busy with approximately three estate sales per week, it would seem many people in this area are not moving until the very end.
 Buy-and-hold owners may finally begin to let loose of their accumulated rental inventory (this has been a major impact in areas such as Riverside County), which hopefully will occur prior to a major rise in interest rates. (Interest rates bipped up twice yesterday.) This investor-held group is considered to be a massive shadow inventory which may not be released for another two-plus years, and at what price? For now, there is a gradual 3% annual increase in the number of new jobs, and a price-flattening trend compared to 2013 and 2014, all of which is helpful to bringing an upward trend in sales volume and inventory over time.

Recent Market Stats for the City of Long Beach Selling Price vs. Los Angeles and Orange Counties

Long Beach and Los Angeles County are almost on par with average selling price of a single family home. See the live interactive data on the chart.

Impacts on California Housing and Real Estate

The 2015 California Association of REALTORS annual conference took place in Anaheim last week.  As always, the annual market forecast was given, and these are just some of the highlights from over 128 slides used in the presentation by the Association's Chief Economist:

• Millennials delaying “adulthood”: Getting married later or not at all; Student loans; dim job prospects.
• Homeownership rate for 18-34-year-olds still falling.
• Household formation is VERY slow.
• Baby boomers delaying “retirement” and staying put longer; they will love their loans when rates do rise.

     First time buyers:

·        Lack of a down-payment.

·        Lack of information about the home-buying process.

·        Average age of first time buyers is between 35 and 43 years.

·        Overall Market information:

·        In Los Angeles County, distressed sales are now 7.6% (August 2014) vs. 36% (August 2012), and figures are even lower in Orange County.

·        In 2007 and 2008, inventory was at 16 months, in August 2014 inventory supply is at 4 months.

·        California homeownership rate is lower than the U.S. rate, just above 50% vs. 65%.

·        Los Angeles metro region is one of 3 lowest housing affordability areas in the State, but the median California house payment and minimum qualifying income are still well below the peak market.

·        Decline in multiple offers.

·        Share of cash buyers is lowest since 2009.

·        Share of FHA buyers at 16% in 2014, but lowest figure since 2007.

·        One-third of the international buyers are from China, next are India and Canada.

·        Sales volume down and prices up (5%-14%) in all Southern California counties.

·        Millennial (ages 18-34) homeownership falling, and younger buyers continue to decline.

·        Three-quarters of millennials not married--this historically impacts household formation.

But, per a REALTOR survey of 18-34 year-old adults, "More than half (54 percent) gave homeownership an importance rating of “8” or higher on a scale of 1-10, with 1 being “not at all important” and 10 being “extremely important.”  The biggest advantages they see in homeownership are the freedom to do what they want with the property, privacy, and the satisfaction of ownership". And aren't those the reasons why people buy homes?

Last but not least is the projected picture for the coming year where the median home price on a statewide level will increase to $478,000; the housing affordability index will be at 27%, and sales volume will increase to a higher level than 2014.  

What do you think about where the market is headed?

2015 California Market Forecast

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%

See Interactive Market Stats for California Counties

Learn About Tableau

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National Association of Realtors® 2014 Housing Prediction

 The annual National Association of Realtors® announced the annual housing prediction at its conference this November in San Francisco. Housing price is predicted to increase by 6 percent in 2014, banks are criticized for being too restrictive on mortgages, there is still too low of a housing inventory, and with rising mortgage rates refinancings will drop significantly.

In a presentation about the housing market on a nation-wide basis, on November 8, Lawrence Yun, chief economist of the National Association of Realtors® said:

• Existing-home sales are expected to retain the healthy gains seen this year, while prices will stay on an uptrend in 2014,
• Existing-home sales have shown a 20 percent cumulative increase over the past two years, while prices have gained 18 percent, but incomes have risen only 2 to 4 percent in the same timeframe.
• Yun said. “While the median-income family in many areas will still be well positioned to buy a home in 2014, income is barely budging given growth in consumer prices.” 
• Yun said the other headwinds moving forward include limited inventory conditions in many areas and mortgage lending standards that are still unnecessarily stringent. “Although home sales have recovered over the past two years, mortgage purchase applications have been flat for the past four years, even with rising sales,” he said.
• With higher mortgage interest rates, he expects refinancings to collapse in 2014 to the lowest level in at least 15 years, and hopes purchase applications will begin to rise. “This is an incentive for banks to increase mortgage origination, especially considering the low default rates in recent years. But even with cheap mortgages for the past four years, all-cash buyers stayed high, accounting for over 30 percent of sales,” Yun noted. 
• Yun said banks are holding onto funds for potential Department of Justice lawsuits, rather than making them available to mortgage borrowers.
• Existing-home sales this year are forecast to rise 10 percent to nearly 5.13 million, but should hold fairly even at about 5.12 million in 2014. 
• The national median existing-home price for all of 2013 will be up just over 11 percent, to about $197,000; then increase nearly 6 percent next year.
• Yun expects the inventory shortages to be felt again next spring. “Housing starts are the only way to alleviate inventory shortages,” he said. “Housing starts need to rise 50 percent to meet underlying demand.”
•  Mortgage interest rates are expected to trend upward and reach 5.4 by the end of next year.
• “If not for the housing recovery, we could be on the verge of a recession,” Yun noted. “The rent component of inflation is rising, so the only way to tame price growth is new home inventory.” 
  
•  John Krainer, senior economist at the Federal Reserve Bank of San Francisco, who said near-term economic momentum is weakening, but improvement in growth is expected going forward. “Inflation has been subdued, and is expected to remain below the Fed’s 2 percent target over the next few years,” he said. “Despite improvement in the labor market, the unemployment rate remains elevated but will be falling slowly.” 
• Krainer notes improved household net worth, aided by rising home values, is supporting consumption spending, but home sales and inventories are not growing as expected. “New-home sales are significantly underperforming, and have been bouncing around World War II lows,” he said.
• “There is a big disconnect between rising home prices and inventory slowing down,” Krainer said. Normally, higher levels of new construction would be expected in a rising sales environment.
• Krainer notes there is a relationship between the share of underwater mortgages and the number of homes for sale. “In markets where we saw a high percentage of underwater home owners, we also saw lower inventory levels.”

See full article at Realtor.org

What Will Homes Cost in California for 2014?





2014 CA Outlook Chart

Every year about this time, the California Association of REALTORS holds its annual conference, this year at the Long Beach Convention Center. It also marks the time at which the housing predictions for the next year are made.  As with most predictions, it's not etched in real estate concrete, but may be a good indicator based on the current year.

At the right is the nitty-gritty slide (no. 114 out of 127) which is arrived at in the presentation by CAR's chief economist after her complete review of the entire state and it's housing market indicators.  So where are we possibly, for next year?  Possibly a 6% increase in the median price of a single family home, far less than the current 2013 increase of 28%. 

What are factors impacting buyers and sellers? Interest rates--they have been going up. Lending guidelines--they have been changing and more is to come on January 1, 2014.  Disposable income for 2014 may increase, the CA unemployment rate may decrease to under 9%, while population growth may remain steady.  Distressed sales have increased with more standard sales in the majority in many areas (80% of sales).  A further complication has been the short inventory supply due to little new construction in several years (and never reaching the level last seen in 1988), and many sellers being underwater, with 1-2 months inventory in many areas including some parts of Long Beach.  The 6 months supply of inventory norm has not been seen in a very long time, a situation that has generated multiple offers (highest in last 15 years) with cash buyers coming out the winner in an average of 30% in California--as the median price increases, cash buyers have slowed in 2013, however.

Income Needed As Rates Rise

While many sellers may breathe easier as equity comes back into their market value, both buyers and sellers will have to deal with rising interest rates, and the results of current governmental agency discussions about loan qualifications.  Did you know that recently a proposal was put on the table that only people with 30% down payment could get the best interest rates?  This type of strain has made FHA the loan choice of over 60% of California buyers, increasing the reliance on government lending instead of an independent market place.

Sellers are now coming to a better time and place to sell, but unrealistic prices must be curbed--cash buyers do sometimes obtain appraisals to make sure they're not overpaying.  Buyers must be more prepared than ever to search out financing in advance, save money for down payment, reduce debt, and take care of their credit scores if they really really want to buy (what's so fun about paying $2500/month in rent with no tax deduction?)

For more information, go to www.juliahuntsman.com if you want to request a no obligation summary of what your home is worth!

C.A.R. Mid-Year Market-Update July 2013

Here is the California Association of REALTORS mid-year market update, it's quick and easy to follow, by analyst Leslie Appleton-Young. While one projection by CAR anticipates a slowing in home price increases, this presentation also points up the continuing lack of home inventory. With the increase in prices since one year ago, investors are having a harder time finding bargains, and we are seeing a majority of sales as "standard" transactions, with short sales being 25% or less of the market statewide.  Where will the home increase be in 2014? With supply and demand coming to closer balance (inventory increased about 2 percent between April and May), CAR's projection is a four percent annual increase in 2014. 

This is a good quick summary and easy to follow:

California's Housing Market Projected to Rise in 2013

The good news is that prices are rising in California and the share of underwater mortgages is dropping, but the fact is that 29% of California mortgages are still "underwater" and 15% of them are still more than 125% loan-to-value.

Housing affordability is at records highs with California still over the 50% mark, meaning more than half of California households can afford to buy. Mortgage lending is very tight and "defensive", and appraisals are problematic (example: Many 20% down borrowers are finding their new property doesn't appraise as high as what they agreed to pay for it, but if they can put down another 10% of the purchase price, the lower loan-to-value erases the appraisal issue), and listing inventory is down by more than half compared to one year ago, so opportunity is scarcer.  In fact, in Los Angeles County, we have an average of 2 months of inventory--down from 8 months 2 years ago.  For December, Long Beach had 1.9 months of inventory. 

Why is this?  One reason is that many sellers are stuck where they are due to underwater value, or they are skeptical of moving on, and also because large amounts of foreclosed inventory is being bought up by investors in bulk and rented out.   Distressed sales volume is decreasing gradually, and in California statewide, equity sales are now about 64% of the market.  But expect short sales to stick around, they have been about 23-24% of the market since 2011.

2013 California Market Recovery

There is a pent-up housing demand, and job creation is one thing that can loosen up the housing market--the prediction is that new housing construction will begin again in California with the improvement in jobs. 

Each city and each area has it's own local real estate market, but tight inventory, short sales, and loan issues are very much a universal picture in the local, state and national areas.  Overall, the California market is predicted to increase in 2013.


And, another important fact:  According to a REALTOR survey, buyers are more optimistic than ever before about buying, in spite of all these other factors -- because housing affordability still makes this a great time to buy (something seller need to think about also).  Thanks to Leslie Appleton-Young, California Association of Realtors, and her report of January 11,2013.

For an agent very familiar with the Long Beach/Lakewood/Cerritos areas, please contact me at julia@juliahuntsman.com, or my phone!

Summary for Recent Real Estate Trends at end of 2012

Happy New Year for 2013 -- there are positive signs in the housing market, and we hope that they will continue!

Pending home sales continue to rise (Pending means those in escrow, scheduled to close), as shown by the Pending Homes Sales Index which rose nationally by 1.7%, and is at the highest level in the last two-and-one-half years.  Pending homes sales have risen consecutively for the last 19 months.
The November median price for a single family home in the Los Angeles Metropolitan Area rose to $327,840 from $269,440 in November, 2011!  The share of distressed sales (mostly REOs and short sales) for single family homes in the Los Angeles area has decreased to 35% from 46% one year ago.

The market is not determined just by whether the prices go up or down, there are a lot of other factors, including whether or not sellers are motivated to sell because that in turn depends on other economic factors which create the movement in housing.  Inventory is a big issue right now, no question of it.

How will the "fiscal cliff" measures affect real estate (still not resolved as of this moment)?  An unrenewed date for the Mortgage Debt Relief Act will require homeowners who went through short sales, loan modifications and other resolutions to pay taxes on forgiven debt. And will the mortgage interest tax deduction be reduced or removed? That will affect most homeowners in the country if that happens.

Will borrowers be subjected to new mortgage rules in 2013? The lending environment is already stringent, making it difficult even for some 20% down borrowers, so buyers should be aware if how conventional vs. FHA loan opportunities could work for them in the future. The topic of "qualified mortgage" rules is being examined in the coming year, and the big question is will it mean that all borrower for conventional loans be required to put down a minimum of 20%--that's a tough hill to climb.

There is some good news in the housing market now, but it will need economic support in a variety of ways to keep that going.

If you have a reason to sell, please contact me for a free evaluation of your home's value! Find properties at www.juliahuntsman.com for the latest area listings of all residential properties.

What's the 2013 Prediction for California Home Prices?

Assumptions:

The PITI is based on the prevailing median price in the

2nd Quarter 2012. The PITI is calculated based on an

 underlying effective FRM interest rate of 3.92%,

 a 20% downpayment,

and corresponding loan amount.

The monthly rent is derived from

RealFacts Q2 2012 estimates for a

3bd 2ba average asking rent.

The California Association of Realtors annual conference was held earlier this month in Anaheim.  The 2013 Forecast extensively covered all phases of the residential market, with a total of 136 PowerPoint slides as part of CAR economist Leslie Appleton-Young's annual presentation. 

At the closing section, Market Opportunities for 2013, four points were made:  1) Home prices are rising, but still very attractive; 2) Look for return on interest for investment opportunities; 3) interest rates are at historic lows; and finally, 4) first-time buyers: rent v. buy?  Do The Math!.

The current story for many buyers and sellers has twists and turns all along the road, but it's still a time to not be passed up!

For California, the median price of a single family home is projected to rise in 2013 from $317,000 at the end of 2012 up to $335,000 in 2013.  At this point, buyers are more optimistic than sellers about future home prices:  49% of sellers think prices will go down in one year, and 9% of sellers think they will go up.  But while 49% of buyers think prices will stay flat, 25% of buyers think prices will go up.  And those buyers are probably going to be right--last year the projected price increase for 2012 was for a 1.7% increase, but the current projected actual increase by the end of 2012 is 10.9% increase.

Median home price for So Cal Counties

The median home price in Los Angeles County went up over 10% from August 2011 to August 2012, with REO sales making up only 12% and short sales making up 24% of the total sales in August 2012.

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.

Increase in April Home Sales Prices for Long Beach, and Nearby Cities

Based on MLS data, 10K Research&Marketing

Long Beach home sellers may finally take heart at some continuing good news. While the citywide accumulated median and average price for single family home sales continues to decline from last year, the April 2012 comparison to the same time last year actually shows an increase in median and average sales price:  Median - from $374,500 to $381,000;  Average - from $421,796 to $424,441.

The average price from April 2011-April 2012 for condos and townhomes also shows a 10% increase, from $211,280 to $232,676. 

As above, the "rolling" 12-month calculation for both categories still shows a decrease in prices, however.  With the increase shown in pending sales compared to last year, more buyers are buying. But the 50% cut in inventory levels say that many possible sellers have yet to decide to put their properties on the market.  In fact, Long Beach had the highest number of closed sales (226) in April over all the other 60+ cities in this report area.

Positive News in the Long Beach House Market

LB market up in some areas

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

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

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

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

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

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

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

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

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

Long Beach--and Nearby Cities-- Residential Market Prices and Sales October 2011

Long Beach Harbor view

While prices are dropping overall in the area based on annual figures, condos in zip code 90802 showed a price increase from the prior year of 32.5%; 90803, an increase of 57.9%--and dropped in other reported zip codes (from prior year), per the Los Angeles Times zip code chart for October, 2011. 

Single family home prices in Long Beach dropped by varying percentages from 2.1% (90806) to 24.6% (90804), and based on one house sale in 90802, an increase of over 40% in price from last year.  These prices also vary according to the number of short sales and bank-owned properties in the mix.
Even though decreases are reported here, these are year-to-year, and 2011 month-to-month comparisons may actually show some increases.

October 2011 sales volume in Long Beach:

Single family homes - 181 properties
Condos/townhomes, Co-ops, OYOs, Lofts -  79 properties
Units (2-4) -28  properties

September 2011 sales volume in Long Beach:

Single family homes - 188 properties
Condos/townhomes, Co-ops, OYOs, Lofts - 75 properties
Units (2-4) - 36 properties

August 2011 sales volume in Long Beach -

Single family homes - 207 properties
Condos/townhomes, Co-ops, OYOs, Lofts - 97 properties
Units (2-4) - 40 properties

Buyers should understand that there's a lot of opportunity in the area right now--take a look at the MLS inventory vs. the number that have sold:
Currently, there are 141 active listings in the MLS for 2-4 unit properties in Long Beach, ranging from $159,900 in North Long Beach, to $1,499,000 for 4 units in Alamitos Beach (90802).

There are 668 single family homes actively listed in Long Beach from just under $100,000 in North Long Beach to over $9 million in 90803 on Sea Isle in Naples (90803).

There are 444 condos/townhomes, OYOs, Co-ops and Lofts actively listed, the vast majority of which are condominiums, ranging from $47,000 in downtown Long Beach to $1,095,000 in Spinnaker Cove.

Take a look at the properties attached to the links--it's an easy to sift through the market!

Market Prices in Other Cities:

Cerritos has had only a 6.9% drop in single family prices from October, 2010; Diamond Bar has a 25% increase; two zip codes in Downey have an increase;  Duarte, a 40% increase; San Gabriel, a 22% increase; Torrance, 3 zip codes show an increase; all zip codes in Whittier increased up to 26%; Los Alamitos, .8% increase; Garden Grove, two zip codes show increases of 2-3% range.  (See the Los Angeles Times chart for more information.)

With interest rates not seen since the 1940s, it's a great time for low monthly payments!