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| Long Beach Sales October 2024 |
In October, the average sales price of a single family increased by 1.1% since one year ago, to $1,089,651.
The median SFR price for October was $940,000, an increase of 4.2% from one year ago.
For condos, both the median and average prices also increased, by 1.5% and 1.6% respectively, $559,000 and $619,000 respectively.
The inventory of homes for sale increased also, an encouraging sign for buyers, by 3.1%, but at a total of 270 homes for the entire city, that's not such a very large number compared to other cities in some states.
Note the small print at the bottom, that the sales price showing does not account for down payment assistance or seller concessions. Many people may not know this, but seller concessions, i.e., repairs, seller contribution to buyer costs, are noted in the MLS separately when the property closes. So an appraiser notes these concessions and subtracts that figure for the net amount of the sale price of the property. And, broker compensation has always been calculated into final sales figures, so knowing that amount is of significance to all parties as well.
In the coming 2025 year, increased inventory, lower interest rates and a strong economy will create a more viable real estate market. Supply and demand are always the key driving factors, so greater supply helps both buyers and sellers.
If you would like to know your home value, even if you're not sure about selling, but perhaps for insurance purposes, or any other reason, just contact me or use the property search on my website to review the market in your area. Go to https://www.abodes.realestate/mls-property-search
Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996
