June 2020 Housing Market in and Around Long Beach Area--Inventory and Price

The median price (same number above, same number below midpoint) lowered to $702,000 for a single family home in June, but this is well above December's $652,500.  The average days on

market was significantly lower than December's:  25 days in June, although the overall housing supply for Long Beach increased to 2 months' worth (still low, however). 

The median price for a Long Beach condo in June was $398,000, average price $454,000--this varies greatly depending on size and neighborhood.  The average days on market increased to 39 days in June,  and the inventory has increased significantly to 3 months supply, about the same amount as last October. 

In the last 30 days, 158 single family homes sold in Long Beach, most selling in 30 days or less, and all except 4 sold within 90 days, including the million plus homes.  Most buyers are looking below $600,000, which means Wrigley, west side of Long Beach, some in California Heights and others in North Long Beach.  Belmont Heights is typically not below $700,000 right now.

Lakewood single family median price dropped a little, but at $630,000 is still higher than 2019, but only 39 houses closed escrow in the last 30 days!  Which means a serious inventory shortage in Lakewood, at 1.2 months supply!!  So anyone who wants to sell in Lakewood now, it's time to consider!!!  There are currently 91 in escrow, and only 30 active listings on the market there ($529000+ starting list price).  So there should be a higher number of future closings, but there's opportunity to sellers with only 30 active on the market.

Cerritos:  Only 20 houses closed escrow in the last 30 days.  Sales price starts at $600,000.  Currently there are 32 homes in escrow, and 17 active listings available, starting at $689,000 and up to $2.2 million.

No matter where we look, it's the same story, we need more listings, because there are buyers who want to buy. 

The part of the market that is taking longer to sell is the over $1million market, with 256 homes on the market at an average of 137 days on the market for homes in Rossmoor, Long Beach, Lakewood, Cerritos, Signal Hill and Huntington Beach market.  More are very recently coming on the market in the last few days, so if this is your price range, there's lots of opportunity here!!!

Have some questions?  go to http://www.juliahuntsman.com/FAQs.html.  If you'd like another answer, just get in touch with me.  I'll try to help!

Curious about what your home might sell for?  Let me know, I'll send you my professional estimate based on 25+ years as a Realtor.

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

May Market Mayhem - State and Local

Statewide, California home sales fell to their lowest level since November 2007.  May sales of single family homes was down over 41% from one year ago, and down 13% from April of this year.  However, pending home sales (properties in escrow) were up  67% in May.

Part of the problem, besides the general effect of pandemic slowdown, is housing supply, per CAR:

"All major regions recorded a decrease in housing supply of more than 25 percent, with both the Southern California and the Central Valley regions falling by more than 33 percent. All counties in Southern California, except Ventura, declined 36 percent or more from last year, with San Diego dropping the most at 42.7 percent. The Bay Area also experienced a significant housing supply decline, but at a relatively smaller degree compared to the Southland. Eight of the nine Bay Area counties recorded a decline in active listings on a year-over-year basis in May, and six had a decrease of more than 25 percent. San Francisco was the only county in the region with an increase in active listings from last year."

Additionally, SoCal home price unchanged: 

"Median prices continued to dip in May from last year in the Central Coast and the Bay Area but inched up slightly in the Central Valley region. The median home price was virtually unchanged in Southern California."  

Locally, prices continue upward, and anecdotally, buyers continue to experience multiple offer situations.

Long Beach median single family home price         $740,000, up 13%

Lakewood median single family home price            $649,000, up 8%

Bellflower median single family home price            $575,000, up 4%

Signal Hill median single family home price            $1,215,000

Rossmoor median single family home price              $1,349,000

Cerritos median single fmily home price                    $765,000, up 6%

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

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

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

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

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

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

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

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

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

NAR's 2014 Profile of Buyers and Sellers

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

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

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

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

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

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

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

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

NAR's 2014 Profile of Buyers and Sellers