Month’s Supply in the Local Real Estate Market is Showing Signs of Low Inventory as We Roll Into Prime Selling Season
March really looked good for Sellers in the Long Beach Marketplace. The Real Estate market is showing signs of low inventory as we head into the summer months. Sales totals year-over-year decreased in both Single Family Homes and Condos/Townhomes. The average and median price(s) definitely show signs that they are increasing. Pressure on increased prices is due to lack of inventory. From my view, fewer homes on the market, greater competition and gradually increasing interest rates may sideline first-time and move-up buyers. Yet, due to a large pool of buyers, sales will continue to be brisk in and around Long Beach.
New Listings for March Lower than Last Year
Like February, new listings for Long Beach are down year-over-year. In fact, Single Family Homes new listings decreased 6.2% while that for condos is a mere .5%.
Pending and Closed Sales are Brisk while Inventory and Monthly Supply Dramatically Decrease – Especially for Single Family Homes
Due to lack of homes for sale, Single Family pending home sales are down almost 7% when compared to last year. Condos and townhomes are down 6.5%.
Closed sales also decreased as buyers jump at the opportunity to buy or sell prior to the impending interest rate hikes in 2017.
Dave Harbison has been a Real Estate Practitioner in Long Beach and surrounding communities for over 12 years. He regularly contributes to blogs, news outlets and other media, providing insight to home owners, buyers and sellers in the Long Beach, Seal Beach, Lakewood, Sunset Beach, Huntington Beach, Newport, Cypress and Cerritos. Dave Harbison Long Beach REALTOR® Main Street Realtors (562)618-9770 firstname.lastname@example.org DRE:#01475840 — Long Beach Realtor® / Real Estate Agent Long Beach Homes for Sale, Condos and Investment Properties