Long Beach Real Estate Sales-Homes and Condos YTD 2008

Long Beach Real Estate News

Long Beach Homes and Condos Sales and Market Update 2008

December 5, 2008

Daily the media pounds Americans with numbers, statistics and real estate market information which is general across the nation. None of these numbers are relevant to any local real estate market, they are estimates from test markets in various places and are combined numbers which we are to believe are true in all real estate markets. These numbers do not translate down to the local real estate market level and are not necessarily indicative of the Long Beach Real Estate Market.

Sales trends can change not just from state to state and city to city, but there can be vast differences in market trends at the neighborhood level in any given city. Cities are made up of many neighborhoods, some affluent, some average, some lower income. While certain neighborhoods may be plagued by foreclosures and short sales, which are continuing to drag prices down, not all neighborhoods are suffering from this malady. Some Long Beach neighborhoods, for instance, do not have many foreclosures or short sales and prices, after initial drops, have remained fairly stable since the beginning of the summer.

Long Beach Homes and Long Beach Condo Sales have steadily increased this year through October, as is reflected on the graph below. While November sales have dropped sharply, this is normal in our market and is not cause for alarm. November and December traditionally reflect reduced sales, the holidays always slow sales down. People just don’t have the time during the holiday season to shop for real estate and don’t want to list their homes during the holiday season either. This is a time for family and preparation for the upcoming holidays. This increase in sales is reflected statewide as reported by DQ News in their October Sales Report.

Little new inventory has entered the market for the last 6 weeks or so, and won’t until the beginning of the new year. After the holidays there will be a rash of new inventory for buyers to choose from. Even the banks have slowed placing new bank owned homes and condos listings onto the real estate market, holding back, presumably to take the loss in the new year.

January usually brings a surge of buyers onto the market, fueled by today’s lower prices, the new inventory interests them. If you are thinking about putting your Long Beach Home or your Long Beach Condo on the market soon, this is the time to do so. New inventory, priced to sell immediately, is welcome by buyers who have been looking for months and have not been intrigued by the current inventory of homes and condos available. Today’s buyers are not willing to overpay, if your home or condo is priced right, straight out of the gate, this could be your opportunity to sell rather quickly.

Long Beach Real Estate – Closed Sales

January – November – 2008

* Lofts include Loft Live and Work spaces

Contact Laurie to begin the Search for Your Long Beach Home or for Your Long Beach Homes Value

Posted on December 6, 2008 by Laurie Manny