The Residential Market Sales in Long Beach for March through Mid-May, 2025

Condo complex LongBeach

More properties are coming on the market now, so checking selling prices might help you decide if you're going to make a move.

Most properties list and sell on the MLS, although a search of the tax records will sometimes find a few more. The below sales are as reflected in a search on CRMLS.

The condo market is almost one-third of the sales in the last 90 days in Long Beach, with 90 condos ranging in price from $210,000 to $2,075,000, with days on market ranging from 0-263.

Condo Sales Mar-May 2025

Single Family in Bixby Village

The single family home market was 318 sales, ranging in price from $360,000 to $4,740,000, with days on market ranging from 0-347.

SFR Sales Mar-May 2025

 

Mission style 4Plex (AI)

Four plex sales came to 21 for the previous 90 days, ranging from $939,000 to $2,579,000, with days on market ranging from 3-394.

Quadruplex Sales Mar-May 2025

 

Duplex in Spanish style (AI)

Duplex sales totalled 26 for the last 90 days and ranged rom $662,500 to $3,550,000, with days on market ranging from 1- 248.

Duplex sales Mar-May 2025

For a quick search of properties, whether it's a house, condo, multiunit or even a rental, go to this easy property search.  It's direct from CRMLS so you will see all the same property information.

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

The Condo Market is Active in Long Beach - Strong Minority of Recent Sales

April Stats for early 2025 SFR/Condo Sales 

 

Usually the buyer's first choice is buying a single family residence (SFR) if the local market, or a nearby market, has a desired property in the buyer's affordability range. And the active listings usually show more houses on the market than condominium style properties. However, the recent MLS sales in Long Beach within the last 90 days (Feb - April 2025) show that out of a total of 482 closings, 195 (including 8 own-your-owns) were condominium style listings, while 287 were single family residences.  This means is about 40% of sales were condos!

In 2024, there were almost the same number of total sales in the same time period at 481, but fewer condo/OYO sales of 170, or about 35%.

The recent average price for a condominium was $555,531, while the average price for a single family home was $1,137,589.  The table at the right is taken from the stats provided by CRMLS,: interestingly, the average days on market for a condo has been longer at 54 days, while for a SFR it was 35 days on market.

Affordability is a factor, yet those who can afford the higher price of a single family home do spend less time on the market.  For both types of properties, loan approval and insurance can be issues. For condominiums in particular, an HOA needs to meet the lender's reserve requirements (enough money in the bank for future maintenance and repairs), owner-occupancy ratios, absence of HOA litigation, and the overall condition of the property. Many buyers are well qualified for FHA loans, but many HOAs have not gone through the required FHA process which will allow such loans. 

For single family homes, depending on the type of loan a borrower is getting, there may be a few lender repair demands such as peeling paint, mold issues, certain repair requirements in order to close escrow. 

In both type of properties, insurance companies are looking at age and condition of roofing.

Please see a prior post about more  specifics on maintenance for insurance requirements https://longbeachrealestate.blogspot.com/2025/03/how-to-obtain-insurance-for-investment.html

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

Long Beach Real Estate Market, October 2024

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

September Sales Data Graphic for Long Beach California

 

Seller Guide Graphic

September 2024 sales data in Long Beach California shows a climbing 3 year price trend using price per square foot for single family homes, an increasing number of days on the market and more homes selling under list price as over list price. Properties on the market longer than 5 weeks amounted to 65% of the listings. Price per square foot is more commonly used in commercial listings, but here it's an additional way of showing the overall price increase in single family homes.

The average price of a single family home in Long Beach in September was $1,105,665 the condo average was $571,828.

Yes, there are homes lower than $1,000,000, and it's even possible to use FHA financing (3.5% down payment) in the higher brackets. Please contact me if you are interested in finding out more! Or go to my website below to use the property search which has the latest information from the MLS.
 

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996