Market Update: Long Beach California Real Estate Market March 2017

How’s the real estate market in Long Beach, California? If you’re curious how the current real estate market is doing, here are some quick points:

  • Active inventory was down 32% for the month of February 2017 compared to last year February 2016, from 376 homes to 256 homes.
  • Active inventory is up 2% for February 2017 compared to the previous month of January 2017, from 252 homes to 256 homes.
  • Median Listing Price of homes for the month of February 2017 is currently at $602,000.
  • The Average Number of Days that units spent on the Market before being sold was down 29% from the previous year from 65 days in February 2016 to 46 days in March 2017.
  • The Median Sales Price of homes is currently around $592,000.

So what does this all mean? The Real Estate market is alive and well in Long Beach, California. Definitely a market that is favoring home sellers as inventory remains down.  For homebuyers, you can expect lots of competition for homes as average days on market are lower compared to this time last year. The median price of a home in Long Beach is currently around $590,000, driven up as a result of the lower levels of inventory currently available.

Feel free to reach out to Dan Barcelon if you’re thinking about buying, selling, or investing in Real Estate in Long Beach, California.