Long Beach Real Estate Market Statistics- March 2008 – Absorption Rate

Long Beach Real Estate Market Statistics – March 2008

Absorption Rate is a good way to get a really clear picture of the Long Beach real estate market and is a great tool to use to assess your competition when listing your Long Beach properties.  The numbers reflected below indicate a highly competitive and strong buyers market, one in which the right price is detrimental to the potential sale of your Long Beach Homes, Condos and Investment Properties. 
 
A six month supply of homes indicates a normal market; less than 6 months would indicate a Sellers Market, over 6 months indicates a Buyers Market. 

Current Absorption Rates – Long Beach California

9/1/2007 – 2/29/2008 – 6 months

Long Beach Condos

Closing escrow at an average of about 50 condos per month citywide, it would take close to 14 months to sell off the existing inventory of 704 condominiums for sale in Long Beach. 
Closed Escrows = 303 ÷ 6 mos. = 50.5 per month absorption rate
Per month absorption rate = 50.5 ÷ 704 (Active + In Escrow Listings) = 13.94 months’ supply of condos for sale. 

• Expired = 228
• Withdrawn = 9
• Cancelled = 167

Long Beach Homes

Closing escrow at an average of about 90 homes per month citywide, it would take over 15 months to sell off the existing inventory of 1404 homes for sale in Long Beach. 
Closed Escrows = 541 ÷ 6 mos. = 90.17 per month absorption rate
Per month absorption rate = 90.17 ÷ 1404 (Active + In Escrow Listings) = 15.57 months’ supply of homes for sale. 

• Expired = 799
• Withdrawn = 45
• Cancelled = 625 

Long Beach Duplex’s

Closing escrow at an average of about 9 per month citywide, it would take well over 2 years to sell off the existing inventory of 232 duplex’s for sale in Long Beach. 
Closed Escrows = 55 ÷ 6 mos. = 9.17 per month absorption rate
Per month absorption rate = 9.17 ÷ 232 (Active + In Escrow Listings) = 25.30 months’ supply of duplexes for sale. 

• Expired = 171
• Withdrawn = 5
• Cancelled = 70

Long Beach 4-Plex’s
Closing escrow at an average of about 3.5 per month citywide, it would take well over 3 years to sell off the existing inventory of 141 four-plex’s for sale in Long Beach. 
Closed Escrows = 21 ÷ 6 mos. = 3.5 per month absorption rate
Per month absorption rate = 3.5 ÷ 141 (Active + In Escrow Listings) = 40.29 months’ supply of 4-plex’s for sale. 

• Expired = 101
• Withdrawn = 2
• Cancelled = 53

Posted on March 4, 2008 by Laurie Manny