Summer is Here. And the June 2018 – 90803 Zip Code Real Estate Market Snapshot Numbers Are Hot Off the Press
For Sellers, the market has been one of rising profits for the past several years. And, even in the throws of this “sellers market” (as much of Southern California is still in), there are finally signs of a shift. Let’s take a look at this month’s numbers for Belmont Shore, Belmont Park, Naples, the Peninsula and parts of Belmont Heights may be evening out.
Here is a look at Single Family Homes:
- New listings of homes that have come on the market are up by almost 40% year-over-year
- Pending sales are down by 45.8% (year-over-year) and 11.6% (last 12 months)
- Closed Sales are down both year-over-year and over the past 12 months
- Median and Average price of a have increased year-over-year. Yet over the past 12 months, although Median prices have risen, the average price of a single family home has actually decreased. This may be a function of the type of homes being sold, or that the upper end of the market is slowing
- A large indicator of the shifting market is the fact that monthly supply of homes/inventory is inching upward in the 90803 zip code. Where a level market is 6 months of inventory, June 2018 numbers say dictate 4.7 months of inventory available. This may be due to a market slow down of homes above $1,000,000.
Let’s Take A Look At Condo Sales
- Unlike Single Family Homes, the number of condos for sale is decreasing. New listings are down almost 23%
- Condo/Townhome pending sales and closed sales are down both year over year and the last 12 months
- Days on Market are a key indicator of the marketplace as there is a trend downward almost 38% in the past 12 months. Properties that are priced well, go very quickly
- Average and Median sales for Condo/Townhomes show a marked increase at +8.2% and 9.3% showing strength in this segment of real estate sales
- Month’s supply of inventory is still very tight at 2.0 months representing the preferred purchase for first time and downsizing buyers
As we move toward the height of summer, the signals that a continued tight market is evident in the market below $1,200,000. Higher end properties seem to be sticking longer on the market. There are number factors that will dictate the future. One thing is true, we are still in the throws of a seller’s marketplace and will continue to be as long as interest rates are low and the economy is bustling.
Here is a full view of the June 2018 – 90803 Zip Code Real Estate Market Snapshot
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