CALIFORNIA ASSOCIATION OF REALTORS Market Forecast for 2025

Summary of Yearly Housing Sale Data

The annual report by the REALTOR trade group was publicly reviewed last Wednesday at the Long Beach meeting at the Convention Center by CAR economist Jordan Levine.

What do people want to know first? How much more will houses cost next year.

Here are 3 main points from the CAR economist report for 2025:

• Existing, single-family home sales are forecast to total 304,400 units in 2025, an increase of 10.5 percent from 2024’s projected pace of 275,400.
  
  
• California’s median home price is forecast to climb 4.6 percent to $909,400 in 2025, following a projected 6.8 percent increase to $869,500 in 2024 from 2023’s $814,000.
  
  
• Housing affordability* is expected to remain stable at 16 percent next year after slipping to a projected 16 percent in 2024 from 17 percent in 2023.

There's much more to this 2025 annual report, which can be shared on request.

If you would like to discuss your home value, please feel free to contact me for conversation.  Or, try out this automated home valuation program which will also send you email updates

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

How Can Two Appraisers Value the Same Property Differently?

House with pool

 A situation to avoid in any market is ending up with a contract price that the appraiser doesn't agree with. Sometimes sellers are willing to lower their selling price, or buyers raise their contract price, or adjust their loan level if possible to meet the new selling criteria.  Sometimes an appraiser is willing to make an adjustment (not very common), or the lender order a new appraisal which is probably going to be an additional expense to the buyer. This is why it's so important to find the right list price and selling price when putting your property on the market--sometimes though, there's just no predicting even when you thought you chose justifiable comparables.  Read the article below about how these disparities can come about.

 How Can Two Appraisers Value the Same Property Differently?: One of the most frustrating things for consumers, agents, and even appraisers involved in a real estate transaction is seeing disparate results in two or more appraisals of a property. A variety of factors—including timing, purpose of the valuation and comparable sales used—can lead to disparities.

Residential Market Prices in Long Beach, August 2024 - Plus Purchasing Power Calculator

 

Residential Market Prices for City of Long Beach

Condo Median:  $526,000 |  Condo Average: $566,963

Single Family House Median: $1,072,500 | SFR Average:  $1,160,406

Downtown Long Beach - 90802

Single Family Median:  $830,000 |  SFR Average: $830,000

Condo Median:  $514,500 |  Condo Average: $575,804

North Long Beach - 90805 

Single Family Median:  $705,000 | SFR Average: $673,875

Condo Median:  $547,400 | Condo Average: $547,400

East Long Beach - 90808

Single Family Median:  $1,116,000 | SFR Average: $1,111,824

Condo Sales:  None

East Long Beach - 90815

Single Family Median:  $1,178,000 | SFR Average: $1,267,962

Condo Median: $547,500   | Condo Average:  $591,000

City of Lakewood

Single Family House Median: $871,000 | SFR Average:  $934,629

Condo Median:  $770,000 |  Condo Average: $770,000

City of Signal Hill

Single Family House Median: $1,050,000 | SFR Average:  $1,050,000

Condo Median:  $625,500 |  Condo Average: $650,833

 

Long Beach Months of Inventory is 2.8 months, an increase from 2.3 months this time last year.

The industry standard for months of inventory is as follows, which shows we are in a seller's market in Long Beach and most other surrounding areas, even though we've seen an increase in listings recently:

Seller’s Market: <= 5.5 months
Balanced Market: >=5.6 and <=6.5 months
Buyer’s Market: >=6.6 months

If I can give you more specific information about your local neighborhood, please contact me.  The above figures are by no means all local information.  

To see how interest rates are impacting purchasing power, both buyers and sellers should find this public interactive tool very helpful:  https://www.car.org/marketdata/interactive/interestrateaffordability

 

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

Mold and Mildew -- Don't Let Them Set Up Camp in Your Home

 Mold and mildew can be intrusive; they let themselves in without knocking, then set up camp in damp corners,  including subflooring areas under your home due to a pipe leak that you may not be aware of until you hire an inspector.

Mold and mildew are two distinct fungi that commonly invade our homes, thriving in wet and humid conditions. While they may look similar to the untrained eye, each has unique characteristics and requires different treatment and prevention. This article delves into the subtle yet significant differences between mold and mildew so you'll know how to identify, remove, and ultimately rule out these unwelcome guests.

 

 The Difference Between Mildew and Mold

Understanding the differences between mildew and mold can help prevent further spread across your home.

 Here's a quick reference guide:

  Mold is typically fuzzy or velvety and can appear in various colors, like green, black, or brown patches. It thrives in damp environments and can cause a musty odor.

  Mildew is usually white or gray and has a powdery texture. Mildew grows on hard surfaces, especially in high-moisture areas like bathrooms.

  Something they both have in common? Potentially causing health issues if not addressed.