Real Estate Market Snapshot for Long Beach this November 2017 – Home Inventory is Tighter Than Ever Putting Pressure on Increasing Pricing
The third interest rate hike for 2017 was announced as the Fed Chair, Janet Yellen stepped down. The real estate market snapshot for Long Beach this November is stronger than in years past. Inventory of homes on the market continues to be tight as we head into another banner year. Here is an overview of the whole city of Long Beach.
Number of New Listings for November are Almost 7% Lower than Last Year
New listings for Long Beach have been consistently lower year-over-year. November continues the pace with new listings of Single Family Homes being over 6.9% lower than the year before. Townhome/Condos also feel the pinch with almost 5.9% fewer listings year over year.
Over the past 12 months ending November 30th, only 2,676 single family homes have been put on the market. Townhomes/condos have followed suit with 90 fewer listings coming on the market than in 2016.
As has been the case for most of 2017, There is an upward pressure on pricing across the city. We are squarely in a seller’s market as we inch closer to 2018.
Closed Sales Across Long Beach Continue to be Extremely Brisk
Number of home sales due to the lack of available inventory is telling of the marketplace. For quite some time, real estate experts have waited for the top of the market. And, although certain markets across the United States are there, Long Beach and Southern California (for that matter) is still on the rise.
Home Sold Prices Continue to Rise
Across Long Beach year over year, the average sales price of a Single Family Home is up 7.5% to $668,887 for Single Family homes and 9.7% to $402,707 for Townhouse-Condo properties. The market supply continue to hover around 2 months for single family homes and a little less than 2 months Townhome/Condos. Simply put, if no new homes were to come on to the market, it would take approximately 2 months sell through the existing inventory. At this point, the market well below average. In a fluid market, monthly inventory of homes on the market is 6 months.
The outlook, as we move into 2018, looks very good for home sellers. Home buyers will still need to compete for homes until the inventory increases. As a seller, you want to put more money in your pocket. As a home buyer, getting more home for your money will still be a driving force. Having someone who makes the process, regardless of what side of the transaction you are on, as easy and seamless as possible. If you want to know more, give me a call at 562-618-9770. You can also e-mail me anytime day or night at email@example.com.
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