The January 2017 Market Update for the Los Altos and Park Estates Area Uncovers Tight Inventory and Fewer Homes for Sale
For the 90815 zip code, the month of January was one of very tight inventory and much lower days on market. This market update for the 90815 zip code which covers the Los Altos and Park Estates area, still basks in a seller’s market. Both the median and average home price increased solidly in 2016, Sellers are asking more for their home and getting it (despite that the percent of list price showed a modest 1.3% decrease. So, if there is any place you will see tight inventory and fewer homes for sale, it’s in this zip code and neighborhood(s).
Single Family Homes
The number of homes available according as of the May 2016 Real Estate Market Update for Los Altos decreased by 16.7% year-over-year and 9.0% over the past 12 months. Days on market is down to 49 days signaling sign that we will experience a brisk marketplace as the summer selling season approaches.
Both the median and average sale prices of homes in the area have increased 8.5% and 4.8% respectively over the past 12 months. Today, the average price of a home has breached the $690,000 level.
In addition, month’s supply of inventory is low at 1.6 months and may continue to be so as we enter the summer selling season. (Note: in a normal stable market inventory is 5-6 months).
In these neighborhoods of Long Beach, the Condo/Townhome market slower than at other times of the year. The inventory is at 2.1 months. Both the average and median sale price of condos have increased 4.0% and 7.4% respectively over the past 12 months.
In the 90815 zip code of Long Beach, home buyers may be motivated by the pending increase in interest rates. Based on this, we may start to see a shift toward a more normal market as we get to the 3rd and 4th quarters. I’ll place my bet that the Real Estate market for Los Altos and Park Estates will continue to be tighter than normal beyond the summer season.
Here is another article that may be of interest to you:
Dave Harbison has been a Real Estate Practitioner in Long Beach and surrounding communities for over 10 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.