As we reach the halfway point of 2015, home sales in the heart of Belmont Shore, Belmont Heights , The Peninsula, Belmont Park and parts of Alamitos Heights has continued to grow. Although the number of homes for sale remain steady, the number of homes closing and going into escrow have increased year to date.
Phenomenal Year over Year Growth in Equity
The value of Single Family homes when comparing June 2014 to June 2015 has been nothing short of spectacular (26.9% increase). This is due in large part to the type of homes that are hitting the market and being sold. Naples, Belmont Shore, Belmont Park and Belmont Heights Estates homes have hit the market and are selling quickly.
Year-over-year, single family homes average sale prices have seen a strong 9.9% value increase. I attribute this to a growing economy, job stability and certainly low interest rates.
Condo’s Sales Remain Strong
Although the market for single family homes has experienced large value increases, condos have continued to maintain a strong value in and around the 90803 zip code. Still relatively reasonable for first-time buyers, condo sales represent a great opportunity to buy into the American Dream…And in Long Beach, condo values year over year have increased 2.0%
Everything indicates that the pent up demand for homes on the heels of the recession several years ago is going strong and as long as the economy expands and interest rates stay relatively low, I feel Real Estate will continue to be a good investment. Home sales in this area have outshined all my predictions and will continue to do so in the foreseeable future.
Download the latest Market stats as calculated by the Pacific West Association of Realtors…And feel free to give me a call if you have any questions at (562)618-9770.
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