Tight Market is the Talk of the Month with the June 2018 Long Beach Real Estate Market Update Numbers
Much anticipated June sales numbers came out last week. There is not surprise that they mirror what is going on in the marketplace throughout Southern California. A Tight inventory and a strong sellers Market.
The June 2018 Long Beach Real Estate Market Update is one of falling inventories and rising home prices. In other words, a strong seller’s market.
A look at Single Family Homes
Whether we look at the year-over-year numbers or the sales over the past 12 months, we find fewer homes coming on the market. New listings are down 7.8% and 4.8% respectively.
The same holds true for pending and closed homes. Fewer homes are closing leads us to believe that sellers are continuing to take a more conservative outlook at the future. From what I hear on in the field, they don’t feel confident they will be able to afford or find something that they feel comfortable with.
As has been the norm in this strong seller’s market, our June 2018 Long Beach Real Estate Market Update tells us that homes priced to sell…sell very quick. Days on market is down over the past 12 months 27% (or 32 days). Year-over-year days on market remains strong at 25 days.
Inventories are starting to show signs of increasing albeit slowly.
Townhomes and Condos
The sales numbers for townhomes and condos reflect that of Single family homes with pending sales way down, almost -56% year-over-year. New listings are also down. This will show in weaker numbers later in the quarter unless more units become available in July.
Average and median pricing for townhomes and condos show a strong gain over the past 12 months providing a glimpse of things to come.
Here is the Market Update
What Does the Future Hold?
Based on my experience in Real Estate, this seller’s market will continue well into 2019. It is my opinion that as long as interest rates stay below 6%, the economy keeps plugging away and businesses continue to expand, buyers will come to the table. Our city is lacking inventory. Many of the neighborhoods with home prices in the $500,000 – $800,000 sell extremely quickly if in good to mint condition. The higher priced neighborhoods of Naples, The peninsula, Park Estates, Virginia Country Club and Belmont Park are showing signs of expanding inventories and a more normalized market.
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