6 comments »Long Beach Real Estate Market Statistics
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.
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.
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.
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