12/31/2021

Long Beach End of Year Housing Stats

Willmore, Long Beach

Best wishes for a Happy New Year!

In spite of the lowest inventory ever (at end of November Long Beach was at .8 months, meaning inventory had about 3 weeks of life at that point), 2021 saw more sales in houses and condos in Long Beach than 2020 did, as of December 31, 2021.

2020 = 2,073 SFR sold; 1,027 condos sold. (CRMLS sales)

2021 =2,281 SFR sold; 1,320 condos sold. (CRMLS sales) 

 (These figures do not account for the off-MLS sales, many of which have been later flipped for sale on the MLS, or have sold as "pocket listings" (a practice addressed under the Clear Cooperation Policy of National Association of Realtors), however, the vast majority of residential sales are recorded in one of the nation's approximately 500 MLS systems of which REALTORS are members.)  

Right now, condominiums represent a strong buying opportunity for first time buyers--in Long Beach active condo listings have a median price of $482,444, and an average list price at $679,259; single family homes in Long Beach have a median price of $929,990 and an average list price at $1,358,262.

For more information about 2021 buyers and sellers, see NAR's annual report summary.

Where did sellers move to in 2021?  Top destination states were Florida and Billings, Montana, while California fell into the outflow category, except for the City of Beverly Hills, which was the fourth highest city in the country ranked for inflow of residents (and the only city in California), according to the migration report at MoveBuddha.

For more information about current market listings, whether you're a buyer looking for a property to buy, or you would like to know more about market selling prices in your area, please contact me or visit my website at www.juliahuntsman.com for the ability to search for all listings on the MLS--updated daily.

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

12/15/2021

December Housing Prices in the Local Long Beach Area

First, the inventory for single family homes and condominiums remains low, but now it's "extremely" low.

Long Beach November stats-2021
 In November, the inventory for houses decreased  33% compared to one year ago, 181 homes for sale compared to 272 one year ago; inventory for condos in Long Beach decreased 51% from the prior year, from 276 to 134.  The average sales price for a house in Long Beach was $951,203, and the average price for a condo was $552,356.  Compared to November 2020, prices increased 9% for SFRs, and 17% for condos.  And, it's also obvious that listings do not spend much time on the market before selling. And, over the last 12 months, in spite of decreasing inventory, the sales volume in both categories is up.  (Information data per CRMLS as of December 5th, 2021.)

 Currently, as of December 15th, in Long Beach there are 182 houses and condos listed actively or "coming soon" for sale in the MLS, with 75 of those being condos, or 41% of the current listings in Long Beach are condos--the lowest price condo is a studio listed at $205,000 featuring 343 sq.ft, the highest price condo is $2.699 million (11 Temple Ave) featuring 4300 sq. ft, so a huge price range, but the graph indicates more the condo price norm in Long Beach.  

Overall, the market is still reflecting the price surge that took place after the start of the pandemic, both locallly and nationally.  Nationally, 2021 is the best sales year since 2006.  The conventional and FHA loans amounts have been (or with FHA, will be soon) increased to meet the higher prices in the West.  If you want to sell, where can you move to?  The southern states and cities of Tucson, and Dallas area are two cities that are predicted to be active in the 2022 market, and other  regions in the southern half of the country. The national price increase may rise about 5%, and interest rate hikes may occur 1 or 2 times, per National Association of Realtors. 

If you would like information on where you can fit into the current market, please contact me, and remember you can always search for listed properties on my website listed below.


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

12/13/2021

Some California Real Estate Laws for 2022

Every year a plethora of new laws comes into effect, the following are some of them which should be of interest to the consumer and professional in the real estate industry:

Appraisals -      After July 1, 2022, every contract for sale of real property shall contain a notice that all appraisals shall be unbiased, objective, and not influenced by any illegal considerations, including "race, color, religion (including religious dress, grooming practices, or both), gender (including, but not limited to, pregnancy, childbirth, breastfeeding, and related conditions, and gender identity and gender expression), sexual orientation, marital status, medical condition, military or veteran status, national origin (including language use and possession of a driver’s license issued to persons unable to prove their presence in the United States is authorized under federal law), source of income, ancestry, disability (mental and physical, including, but not limited to, HIV/AIDS status, cancer diagnosis, and genetic characteristics), genetic information, or age."  https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=202120220AB948

 Restrictive Covenants - Per California Association of Realtors, this law requires real estate brokers or agents, who have actual knowledge of possible unlawfully restrictive covenants in a declaration, governing document or deed that is being directly delivered must notify the owner or buyer of such and the ability of the owner or buyer to have it removed through the Restrictive Covenant Modification process.  https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202120220AB1466

Home Inspectors - A plumbing contractor may inspect a sewer lateral pipe connecting a residence or business to a sewer system and also offer to or perform repairs if the consumer is provided a specified disclosure before authorizing the home inspection. SB484

Duplexes and Lot Splits in Single Family Zoning - Many city and/or county rules affect this new law, but two units in a single family zone may be permitted, and subdivision into two parcels.   SB9

Emotional Support Animals - Per California Association of Realtors,  AB 468 requires a person that provides an emotional support dog to give notice to the recipient or buyer that the dog does not have the special training required to be a guide, signal or service dog; and requires a person that provides a certificate, tag, vest, leash or harness for an emotional support dog to give notice to the buyer that the material does not entitle an emotional support dog to the rights and privileges afforded to a guide, signal or service dog.  

Additionally, AB468 prohibits a health care practitioner from providing documentation relating to an individual’s need for an emotional support dog unless the health care practitioner complies with specified requirements, including: 1. Holding a valid license; 2. Establishing a client-provider relationship with the individual for at least 30 days prior to providing the documentation, and, 3. Completing a clinical evaluation of the individual regarding the need for an emotional support dog.

Revocable Transfer on Death Deed - extended to 2032.  This deed may allow avoidance of probate, and allows a homeowner to transfer to a named beneficiary 1-4 residential unit property upon the owner's death without a probate proceeding. Two witnesses are now required to sign the deed. Stock cooperatives are excluded from the types of property that may be transferred via RTODD but agricultural land with up to four residential dwelling units are now included. The user is advised to seek legal advice before utilizing this deed.  SB315

These are just some of the real estate-related laws  coming into effect, more concern updates to Proposition 19 (exemptions on property tax reassessment), penalties on property tax ,  PACE liens and seniors, fire hazard zones and home hardening update, foreclosure sales and owner occupants, delivery of notices in homeowner associations, plus more.  For more complete information on these new laws, please contact me for a separate obtaining of informational printouts.

 

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

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