Outlook This Month for Los Altos, Park Estates and Bixby Hill – 90815 Zipcode
Real Estate statistics for February 2016 – 90815 Zip Code
Market statistics for Los Altos, Park Estates and a few surrounding neighborhoods in the 90815 Zip Code shows a marked increase in the number of homes for sale for the Month of February when this year compared to last year (increase of +30% and +42% respectively). Sellers seem to be in command and are continually more aggressive in what they asking for their property. And. they seem to be getting it. As interest rates are still really low (in fact, this week, the interest rates dropped). Let’s take a look at some noticeable stats:
Single Family Homes
- The market is starting to pick up. New listings are up 30.8% when compared to February of last year.
- Pending and closed sales for the month of February are also up 16.8% and 18.2% respectively. There is fluidity in the marketplace which is good for both buyers and sellers
- Average/Median Single Family home price sales increased by 5.6% and 4.6% respectively over the past 12 months – which is on par for the rest of the nation. However, there was a noticeable jump in home prices February 2015 vs. February 2016 of 32.6% (average) and 28.0% (median) – Sellers are becoming more confident in the real estate outlook
- Percent of original asking price received dropped .6% signaling the desire of buyers to hold out and negotiate (a sign of a healthy market)
- Days on Market decreased by 25.5% to 41 days which indicates fluidity in the marketplace in addition to sellers and buyers coming to the table and negotiating in a more efficient manner
- Inventory of single family homes is still extremely low in this area with only 1.3 months of inventory. This will definitely have pressure for increased pricing over time.
- In the 90815 Zip Code, the market for Townhomes and condos is significantly smaller than in other areas of Long Beach.
- The number of townhomes/condos for sale increased 42% month over month, as did the number of pending and closed (66.7% and 25.0% respectively)
- Like Single Family Homes, Townhomes and Condos have realized an increase in average and median value of (14.2% and 12.6% respectively) over the last twelve months
- Days on Market (DOM) year-over-year is happening at record pace, with townhomes and condos that sell, doing so within 13 days of listing
- Monthly supply of inventory is still low at 1.8 months. This is a highly desired area where upward pressure on pricing will come into play as we get into the heart of selling season
Overall, the real estate market update for Los Altos, Park Estates, Bixby Hill and 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. the Real Estate Statistics for January 2016 – 90803 Zip Code are provided by my MLS (Pacific West Association of Realtors). Please feel free to download and print.
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