Long Beach Market Update for July, 2021

As of July 1st-30th, the number of single family homes sold in Long Beach totaled 192, price ranging from $375,000 to $6,600,000.  The MLS shows that 39 sold under list price, all others sold at or higher than original list price, some times significantly higher--in all price ranges.  

For instance, 420 Monrovia Ave., in Alamitos Heights area of Long Beach, was listed at $2,299,000, on 6/18, then increased in price to $2,499,000, then sold on 7/26/2021 at $2,400,000.  It went into escrow the same day it became active in the MLS.

3817 Albury was listed at $549,900, and closed at $605,000, after 2 days on the market. 

Similar stories of a  sold price of $50,000 increase over list price are not unusual. 

The median Long Beach sale price for July was $705,000, where median list price was $705,000 and the median sale price was $738, 750.  The Long Beach average list price was $696,293, average close price was $714,770 with an average of 13 days on the market.

Yes, there are some properties that have been on the market for quite a while, still waiting for a buyer.  The longest is 346 days for a multimillion asking price in the Naples area, but another one listed for $799,000 has been waiting for a buyer for 114 days as of July 30th.  Park Estate, Belmont Heights, Carson Park, all have a few listings that are waiting for a buyer, so not absolutely everything is selling in less than a week, although buyers should be prepared for moving quickly on most properties.

There were 113 condos that sold in the same time frame, with the majority selling over list price also. But the median price is $436,500, median sell price is $445,500, days on market 12.

If you are thinking of selling, or would like to evaluate your possible sell price at this time, please contact me via phone or email.  I look forward to hearing from you!

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

Is the California Real Estate Market Going to Fall in 2021?

California has just experienced the strongest house price ever recorded in May 2021.

In this housing presentation in May for Orange County Realtors, a lot of the  current market issues were covered by the CAR Economist Jordan Levine.

Statewide, prices are up overall $100,000 since 2006, and so are mortgage payments.  The highest dollar amounts cashed out in home equity were in the 2004-2007 years (as much as $80 billion in one year), and in 2020-2021 another increase in the $40-$50 billion range is here, explaining what?  Remodels? helping the adult children with their down payment?

Even with lower interest rates, affordability is not keeping up; 27% of Californians can buy a median priced home, compared to 50% in 2012. And building permits for single family homes has not increased significantly in 10 years--about 50,000 issued in 2020 compared to 150,000 permits issued in 1988. However, as affordability rate declines, the 2021 median home price is predicted to be $712,000 for the state, and in some areas is already higher than that. 

For a home evaluation, please contact me via text or email, even if you're not thinking of selling in the near future, an idea of your home's value whether condo, SFR or multi-unit, is wise to keep track of.

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

JUST SOLD Just Listed: Long Beach Home at $599,000

 Update:  Sold on 9/3/2021 for $640,000.  CRMLS PW21127965

 

Now available

as of 7/12/2021.

This is a spacious single family home, contemporary style built in the 1960s, which is over 1400 sq ft on a lot about 4700 sq ft (not exact amount), with large 2-car attached garage with direct access into the house.  The interior and exterior have been completely repainted, and new vinyl flooring installed throughout, and other repairs have been made.  MLS PW21127965.

There are 3 bedrooms and 2 baths (each with tub shower), nice living room with large raised hearth fireplace, a kitchen updated with granite counters several years ago (exact date unknown), and a spacious bonus/family room with its own outside entry.  Rear yard is completely fenced, has mature trees.  

This home is a very nice opportunity for the size and space. It's also close to a public park, and within walking distance to public transportation and shopping along Atlantic Ave or Long Beach Blvd.

Please contact me for how to see this property, (and home is occupied), and contact me for further information on this property!

 

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