June 15, 2018, WOW! We are basically half way through 2018 and it seems like we just got started…… this means it is only 5 months or so till the winter…. frightening. Anyway, we know, time goes by no matter what, and here I am looking back at the last time I updated my readership on the real estate market stats of our area, Long Beach and Lakewood cities in Los Angeles, County, and that was at the end of December 2017. Time for a new market snapshot.
While I know some of you don’t live in these 2 cities, and may find the the numbers below may not reflect your situation, that is OK, don’t hesitate to send me an email or give me a call and I’ll be happy to run the numbers for your area.
It will still be interesting to see what’s going on in Long Beach/Lakewood, which is somewhat reflective of what is happening in Southern California.
And I’ll give you today’s numbers and compare them with approximately 6 months ago at the end of December!
So, again, we have the seaside community of Long Beach, a city on the Pacific which is the 2nd largest city in the Los Angeles Metropolitan Area, and the 3rd largest city in all of Southern California, and a population approximately 460,000; and Lakewood, a post-WII suburb/plannned community adjacent to Long Beach with a population of 80,000, home to many great shops and store and families.
Long Beach Stats
In Long Beach today, on June 15, 2018, 473 residential homes are for sale. This is much more than on one of the last business days of 2017, when there were only 350 residential homes for sale. An increase in inventory of 35% since the end of last year.
And indeed that reflects what was going on the market end of 2017 – there was a great deal of transactions at the end of last year, eating up inventory, whereas now in the middle of June, we do have significantly more homes for sale as more home sellers have come on the market looking to take advantage of the higher prices that have come about over the last 6 to 8 months.
There are 291 houses for sale today (single family homes) and the average sales price for an actively listed house in Long Beach today is $973,606 with a range from $379,000 to $8,150,000. The average list price today is up 5% from end of December when it was $926,000 (range $259,000 to $4,295,000.) Average days on market today is 53 days, which is down significantly from end of December when it was 72 days.
The average list price for an actively listed condo in Long Beach today is $581,309, up 15% from December when it was $504,000. Price range of listed condos now is $184,000 to $1,495,000 vs $139,000 to $1,395,000 6 months ago. Today’s average days on market is is down to 57 days vs 72 days in December.
In the last 30 days, 279 residential homes closed escrow and sold, similar to the month of December 2017. Of those, 171 were houses (61%) and 95 were condos (34%).
The average sales price for sold houses in Long Beach the last 30 days was $746,790 vs $666,000 in December, up 12%. Average days on market for those homes that sold was 29 days, down from 34 days in December.
The average sales price for sold condos in Long Beach in the last 30 days was $393,992, down from $415,000 in December. Average days on market was 26 days, down from 30 days.
Lakewood Stats
Entire city of Lakewood currently has 121 residential homes for sale, up 120% from end of December when only 55 residential homes were for sale. Most of these, 114, are single family houses.
Of the 114 houses for sale, the average price is $675,904, up 9% from $622,000 in December. Average days on market is 35 days, down from 44 days.
69 houses closed escrow in the last 30 days. The average sales price for sold houses in Lakewood was $593,063, up 2% from $580,000 in December. Average days on market was 22 days, down from 29 days.
Conclusions
For both Long Beach and Lakewood, inventory levels have risen significantly since the end of last year, when they were at historic lows. Of course, part of that is seasonal variation.
In spite of higher inventory now, we have lower days on market than in December, reflecting strong activity in our market. Prices are also up for both listed properties and sold properties, with the exception of condos sold, which is down in price slightly.
Interpretation
If you are a seller, be assured that it is still a seller’s market with even though there is more competition with more inventory than 6 months ago. There are still many interested buyers looking. Pricing is an issue, as buyers are comparison shopping intensely in each price bracket. Therefore, as a seller, be the best looking home with the most awesome features in your price range!
Buyers, competition is fierce for attractive, move-in-ready homes priced attractively. With these, put in a strong offer, which might mean you need to go a bit above asking price to compete. But, there may be wiggle room on homes priced on the high side with long days on market, so don’t dispair! Make an offer! Let’s head into the second half of 2018 with optimism and drive and please don’t hesitate to ask me questions about this very dynamic market.
Nancy Deprez
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