Introducing our most recent update on the Long Beach Market! As we enter May 2023, this month’s market update brings you the latest housing statistics for April 2023. On the whole, there has been a significant decrease in new listings, closed sales, and pending sales compared to the previous month. The Median Sales Price for ALL homes in Long Beach was $775,777. Single-family homes in Long Beach had a median sales price of $865,000, while condos had a median sales price of $518,250. Due to heightened buyer demand and limited inventory, we are witnessing an increase in home offers. To delve into the finer points, please refer to the video provided below!
According to the CRMLS (California Regional Multiple Listing Service): In April of 2023, within the Long Beach neighborhood, there was a total of 574 homes for sale. This is a 6.2% decrease from last month where there were 612 Long Beach homes for sale.
Additionally, there were 155 TOTAL Long Beach homes sold during April 2023. This is also a decrease of 17.6% from the previous month where there were 188 houses sold total. This goes to show that there is a huge opportunity for Sellers here. The buyers that wanted to purchase during April are looking for the next listing to consider in Long Beach and that could be yours in this month of MAY!
For those considering selling or buying a home in today’s market, here are recommended next steps:
Sellers
There is talk of a rapid shift in the real estate market! While this news may be unsettling for potential home sellers, it simply means that additional measures need to be taken to ensure a successful sale. A robust pricing strategy, a proven marketing plan, and an experienced agent are crucial elements when navigating the sale of your home in a shifting market. Mr. Long Beach can assist you in presenting your home in the best possible light during the selling process.
To begin the selling process, please click HERE for a complimentary home valuation. Alternatively, you can reach us at 562.650.7651 or fill out the contact form located at the bottom of this page. We are eager to have a conversation with you, determine the value of your home, and assess if selling is the right decision for you!
Buyers
The market is showing signs of improvement for potential home buyers. If you have been patiently waiting to purchase a home, now might be the ideal time to resume your search. The increasing inventory provides buyers with more options and enhanced negotiating power. However, it remains crucial to initiate your home search early and seek guidance from industry experts. A competent real estate agent can navigate you through the home buying process, alleviating some of the associated stress.
Kindly contact us at 562.650.7651 to schedule an appointment with a lender and discuss your budget. Additionally, we can customize a home search specifically tailored to your preferences, ensuring that you receive immediate updates when new listings become available.
In the Long Beach community during the month of April 2023 there were 155 houses sold. This is a decrease of 17.6% from the previous month of March 2023 which had 188 Long Beach homes sold. This is positive for sellers because with less houses sold then there’s more opportunity for you as a seller because there’s the same amount of buyers who need to purchase in Long Beach.
Furthermore, a majority of them, a whopping total of 83 out of the 155 Long Beach houses sold, were sold OVER ASKING. This is a 54% share of the total houses sold in Long Beach, CA. Only 47 homes, 30%, of the homes were sold under asking and 25 homes in Long Beach, 16%, were sold At Asking Price.
Finally, according to Rocket Mortgage: The average sales time, otherwise known as days on market, went from 13 days in April 2022, one year ago, to 30 days in April 2023. 118 Long Beach Homes were still sold under 30 days. 20 Homes were sold in 30-90 days. Only 17 homes in Long Beach were sold over 90 days. This goes to show that it’s slightly less intense of a seller’s market as the Pandemic years; however, we are still in a seller’s market. When Days on Market/Average Sales Time is under 90 days then we are considered in a seller’s market. If Days on Market/Averages Sales Time is above 90 days, the market is considered a buyer’s market. The current Long Beach market is a Seller’s Market though not as intense as the previous year.
