What’s going on in the Long Beach Real Estate Market?
by Ben Nicolas
on Thursday, January 26th, 2012 at 7:07pm.
With the economy leaving many areas throughout the nation to take a hit, the Long Beach area has been no different. However, California homebuyers looking to purchase a home in the area have ample reason to celebrate as the Long Beach real estate trends for fall 2011 continue to favor buyers.
The most recent release of real estate statistics in Long Beach showed that the average listing price in for the area was $423,611, which is a 1.2 % decrease in the average sale price from the week before. In layman’s terms, the average home price in Long Beach dropped more than $5,300 in the course of 7 days. Also, since October 19, the average price for a home for sale in Long Beach dropped from $430,000 to less than $424,000.
An additional factor which could weigh heavy with prospective buyers is the fact that area rental rates continue to climb. In January 2011, $1350 was the average for area rentals. Right now, the average price is $1524. As Long Beach apartments have experienced over a 10 percent increase in rates throughout the year, prospective buyers could be tempted to tilt their hand in late 2011 or early 2012.
Of the most popular neighborhoods in Long Beach, Downtown Long Beach and Belmont Heights show average listing prices this fall of $284,356 and $541,470, respectively. In the exclusive Belmont Shores neighborhood, the average listing price is a whopping $1,919,996 which is up .2% for the week. The price per square foot in Long Beach for the fall of 2011 is currently $248 per square foot. The median house size in Long Beach has not changed since last month; it remains consistent at 1176 square feet.
Since September 2011, the number of price reductions of homes for sale in Long Beach has dwindled from 445 to 193. In addition, the number of new homes on the market has also fallen since September with 402 new listings in Long Beach in September, 386 in October and 159 in November to date. The number of sales has also declined more than half since September.
Despite what real estate trends are currently showing, the current median list price for a home in Long Beach has risen from $289,000 to $290,000 since October. Another benefit to potential buyers’ favor at the moment is the length of time properties are on the market in Long Beach right now. The average number of days a home is listed for sale is currently 78, which has not changed much recently.
The good news regarding real estate trends in Long Beach for the months of September, October and November 2011 offers a little something for both buyers and sellers. The time could be early 2012, as home prices are continuously dropping. The chances of making a successful offer of less than the asking price right now are good because of the length of time houses are on the market. However, more houses are sold each month than are listed, which bodes well for sellers anxious to move on from their current home.