Long Beach Real Estate Sales-Foreclosures-Bank Owned Properties-Market Statistics

Mar
22

Long Beach Real Estate Sales-Foreclosures-Bank Owned Properties-Market Statistics

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Long Beach Real Estate Market Statistics

Long Beach Real Estate

Sales 2001 - 2007

January 1, 2008 - March 21, 2008

Year	Long Beach HOMES SOLD	Long Beach CONDOS SOLD	Long Beach 2-4 UNITS SOLD	Total Sales

2008	227	90	35	352
2007	1663	892	306	2861
2006	2372	1161	575	4108
2005	2988	1483	811	5282
2004	3061	1368	780	5209
2003	3465	1492	848	5199
2002	3489	1502	854	5844
2001	3285	1320	650	5255

There are currently approximately 133 Long Beach properties selling per month (closing escrow)

352 ÷ 2.66 = 133

2245 ÷ 133 = 16.8

ACTIVE LONG BEACH LISTINGS

HOMES

FOR SALE

CONDOS

FOR SALE

2-4 UNITS

FOR SALE

TOTAL PROPERTIES

FOR SALE

3/21/2008

1204

629

412

2245

352 Long Beach Properties have closed escrow ‘SOLD’ in 2008.

133 Average sales per month.

There are currently 2245 Long Beach Properties for sale.

It will take almost 17 months with no new properties entering the Long Beach Real Estate market to sell the existing inventory of properties for sale. Homes, condos and income properties in Long Beach are being placed onto the market daily adding to our existing inventory and increasing the length of time it will take for the current real estate market to absorb these new properties for sale.

The numbers tell an interesting story, one that I recall all too clearly. As single family homes became financially unattainable to first time home buyers in 2005 and 2006, many purchased Long Beach Condos instead, it was better than remaining in rent and gave them badly needed tax write offs. The above chart shows a significant decrease in single family home sales in 2006 and again in 2007, as condo sales remained strong into the latter portion of 2007 when they too began to taper off.

You will notice the sharp decline in closed sales in the first quarter of 2008, its not that the buyers have not been out shopping, many have been. Many just have not been able to wrap themselves around exactly what it means to get a deal. I dont know if it is the media or a misguided idea of what a deal is in todays real estate market. Others are realizing that the after purchase costs of badly needed upgrades on many of the homes are beyond their reach.

Long Beach Homes-Issues for 1st Time Home Buyers

Prices on real estate for sale in Long Beach are currently all over the place, it is a bit messy, which indicates a good hard look at the comparables before deciding what to offer on any given property. Some homes are priced to sell at the price offered, some sellers have priced their homes based on fantasy and wishful thinking. While it cant hurt to place a reasonable offer on one of these homes, the sellers are often not very responsive. Many buyers have decided to offer low, whether the listing price is fair or not. This is a sure way to not get your offer accepted. There are many good buys on the real estate market in Long Beach right now and the smart buyers and cash heavy investors are picking them up.

Long Beach Investors are making all cash offers Real Estate Investors with a lot of cash have entered the market. Prices are finally dropping to the price range they have been waiting for. This is making it more difficult for buyers who intend to purchase with loans and occupy the homes to get their offers accepted. We placed an all cash offer for a bank owned Alamitos Beach Condo about a week ago, there were multiple offers, one was higher than ours. We opened escrow on that condo on Monday. The bank knew they would not have any problems with a lender that might not be able to perform, may disappear or may discontinue their current loan programs.

Bank owned properties are beginning to appear in larger numbers and a better selection of homes is now available. Buyers have started getting a little excited now that homes they actually want to buy are finally starting to become available, they are writing offers and are often being rejected because the investors are liking these homes too, are placing all cash offers and are walking away with the prize. Multiple offers are occuring on the better properties that are being made available which is making that potential purchase more competitive now, and less incentives are available on these purchases. Some of these properties sell quickly for around asking price, with no incentives.

I had a conversation with a selling agent from one of the asset management companies handling foreclosures yesterday and inquired about their criteria when considering multiple offers on their bank owned or foreclosed properties. He went on to explain that while they are in counter with early offers, the offers are coming in steadily and are lined up in the que. Often the early offers are being accepted without even looking at the offers in the que, even though there are often better offers sitting there. When I questioned why, he simply stated that they have so many properties to deal with they just dont have the time, they are being pressured to get the offers accepted and get them off the table to deal with others. He also said that sometimes they go through all of the offers and counter a good portion of them, that it doesnt always make sense - even to him. Its looking like the early bird gets the worm - sometimes.

If you are a serious buyer, are looking for a foreclosed home to occupy as your primary residence and are interested in the better properties coming onto the market you will need to move quickly, make swift decisions and make your best offer right out of the gate. While even this will not guarantee that your offer will be accepted, it certainly will put you in the best position possible.

If you are interested in purchasing bank owned or foreclosed properties, call Laurie at (562) 212-5420 to begin your search.

Long Beach Homes and Condos For Sale

(Direct feeds from the Southern California MLS)

Laurie Manny

Long Beach Realtor®

(562) 212-5420

Prudential California Realty

Bixby Knolls

3728 Atlantic Avenue

Long Beach, CA 90807

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http://www.lauriemanny.com/00267D

Posted on March 22, 2008 15:59:32 by Laurie.Manny

Comment from: Kaye Thomas [Visitor]

· http://BeachCityRealEstateInfo.blogspot.com

Very interesting market numbers.. 17 months of inventory is huge. We are seeing inventory rising but nothing near your numbers. With the return of investors with cash you may be seeing your market begining to turn around. The cash investor doesn't usually hit the market until he feels the bottom has been reached. Your buyers who are trying to "time the market" should use this knowledge to their advantage

Permalink March 22, 2008 11:07:26

Comment from: Laurie Manny [Visitor]

· http://www.lauriemanny.com/

Hi Kaye,

Yes 17 months is huge. We are very happy to see the investors jumping into the market at this time. Up until a year and a half ago it way almost impossible to find a home in Long Beach for $500,000 that wasn't a major fixer-upper. Some of the homes now available are fantastic for the current prices.

Timing the market only works if you understand that the best time to buy is just before the market bottoms out. It is at this time that incentives are available which sweeten the deal. Once the market bottoms out the competition can get fierce, sellers will not need to offer these same incentives. Often the best deals are found just before this happens.

The investors complicate the buying process for buyers looking to occupy as their primary residence.

Permalink March 22, 2008 16:25:00

Comment from: Irina Netchaev [Visitor]

· http://www.PasadenaViews.com

Truly great stats on the Long Beach real estate market with an excellent explanationfrom the agent in the trenches.

Permalink March 26, 2008 02:04:37

Comment from: Irina Netchaev [Visitor]

· http://www.PasadenaViews.com

Interesting stats on the Long Beach real estate market with historic overview.

Great information for anyone looking to buy a home or a condo in Long Beach

right now.

Permalink March 26, 2008 02:06:22

Comment from: Laurie Manny [Visitor]

· http://www.lauriemanny.com/

Hi Irina, The market began to change a bit here. I love that i can talk about it here and let buyers know what is happening in the trenches.

Permalink March 26, 2008 05:21:04

Comment from: lindsay [Visitor]

· http://www.robinashley.com

Tahnks for all of the great info Laurie! you should join us on the show soon!

Permalink July 02, 2008 17:57:17

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Long Beach CA Homes and Condos For Sale

Long Beach Real Estate Sales-Foreclosures-Bank Owned Properties-Market Statistics

Long Beach Real Estate Market Statistics

Long Beach Homes-Issues for 1st Time Home Buyers

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