Belmont Shore, Belmont Heights, Belmont Park, The Peninsula, Naples and Treasure Island Real Estate Statistics for January 2016 – 90803 Zip Code
Here’s a first look at what will unfold in Long Beach in 2016…Specifically the prestigious 90803 zip code.
Real Estate statistics for January 2016 – 90803 Zip Code
Market statistics for the Shore and surrounding neighborhoods showed that Real Estate was steady heading into the new year – more than in past years. Buyers in a solid position to buy property are doing so while Sellers are becoming bolder in what they ask for their property. They are getting it. As interest rates are still really low. Chaos in the marketplace both nationally and worldwide, have been to the advantage of the consumer. Let’s take a look at some noticeable stats:
Single Family Homes
- The market is starting to pick up. New listings were steady in the first month of the year.
- Listings for the year went up 6.7% which shows fluidity in the marketplace. Sales over the past 12 months showed a really good increase of 11.1%. It is my opinion that pent up buyer demand is starting to play out in this zip code. Sellers are looking for higher prices for their homes, which is evident by the gains in median home prices which increased 2.4% while average home price sales increased 5.5% (very close to the numbers seen in December 2015)
- Inventory of single family homes inched up to higher than 4 months (at 4.2 months). This indicates a more steady marketplace with an adequate number of homes for sale and ones sold.
- Interestingly, sellers tend to list their home 5% higher than the amount that they eventually accept. This is an indicator that buyers tend to be more informed and educated about the value of the home they are buying
- In the 90803 Zip Code, the number of townhomes/condos sold realized a solid increase of almost 20% over the past 12 months – A sign that pent up demand for 1st time buyers and those looking to skirt record high rent increases and low interest rates is still the norm in this market.
- Days on Market (DOM) showed year-over-year and month-over-month differed greatly (+46.4% and -12.2%)
- Monthly supply of inventory is still low at 1.5 months (with only 23 homes actively for sale as of January 31, 2016). This signals a highly desired marketplace where upward pressure on pricing will come into play.
- This month, median and average prices dropped year- over-year. Over the past 12 months showed a nominal gain of approximately 2%.
If you’d like to know more about your home and the market, please feel free to give me a call at (562)618-9770.
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