Long Beach condos are still affordable despite the rise in prices and interests rates. Let’s look at the numbers and follow the trends to see how much does a Long Beach condo cost in 2022.
Long Beach Condo Cost in November 2022 vs November 2021
The average selling price of Long Beach condos in November 2021 was $519,520 and in November 2022 the average price went up to $553,295. That is an increase of 6.50% in 2022 verse 2021.
Frequently Asked Questions
Why are prices going up and shouldn’t there be a crash of the housing market?
Prices go up when there is high demand and low inventory. That is what we are experiencing in Long Beach and most cities in Southern California.u003cbru003eu003cbru003eI know the interest rates are higher now but that doesn’t correlate to lower housing prices. I do see the prices dropping a little but I think that is from sellers over pricing their properties.
Marry the Long Beach Condo and Date the Interest Rate
My best suggestion is to find a Long Beach condo or Long Beach house that you love and buy it now. Then, when interest rates go down in the future, refinance to a lower rate.
What are the Key Factors to Look at when buying a condo in Long Beach?
I have my favorite key factors to look at to spot trends in the Long Beach real estate marketplace.
I know numbers can be boring but it will help us both to understand the trends. The first factor is:
- Months of Inventory – if there is less than 3 months of inventory, then the real estate market for that city is a seller’s market. That drives up prices.
- Average Days on Market – the lower the number, the more it is a seller’s market. Normally it is 60 days for a stable real estate market
- List to Sales Ratio – my favorite statistic. It shows both of us if home sellers are accepting offers less than full price, at full price or above. If this number is at 100%, then the sellers on the average are accepting full price offers.
Long Beach Condos List to Sale Ratio Chart
This chart shows you that condo buyers in Long Beach are paying, on average, 2.5% over the listed price. As of this morning, there are only 102 active listings of Long Beach condos for sale.
Know Your Budget and Closing Costs Now
I tell all clients to talk to a lender first. Fill out a loan application and provide the lender all documents that they require for “underwritten Loan Approval”.
What does that mean?
That means the underwriting department at the bank or mortgage company reviews all of your documents and determines that you are truly qualified to buy in terms of a condo or house.
- All you need is to find a condo you love (with Jay Valento…that’s me)
- Write an offer
- Review all seller disclosures
- Get an appraisal
- Close and move in
- Enjoy homeownership
You many qualify for a FHA loan. If that is the case, the Long Beach condo or townhome that you fall in love with needs to be FHA approved. I have to do some extra checking on which condos are FHA approved.
Not all condos in Long Beach are FHA approved.
It is really important to talk to a lender (first) about your financing options so you know all of your costs of buying a Long Beach condo.
And there are closing costs, kind of like sales tax, when it comes to buying.
3 Lenders to Consider Calling
These a lenders that my clients love. They do not pay me any money at all to be on the list. We have rules against that in the real estate industry.
- Mary Shuck of Movement Mortgage at 562-388-4197
- Joel Gagarin of US Bank at 714-651-3708
- Cody Olson of Secure Choice Lending at 951-455-6310
Summary
The current Long Beach condo cost is $553,295. Prices of Long Beach condominiums range, as of December 5th, 2022 from $350,000 to $1,895,000. You can go and look all of the Long Beach condos for sale on my website now and then, call a lender later today.
Next Steps…
- Compare Condos in Long Beach
- Request a free copy of Home Buyer’s Guide
- Consider taking my 5-minute home buyer questionnaire
- For additional information on Long Beach condo costs, read my blog post on Buyer Closing Costs
After you talk to a lender, let’s meet and talk about the condo or home buying process. Then, you will know all of the steps and be the most informed buyer in Southern California. Contact Jay Valento at 562-413-7655.
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Data resource: California Regional Multiple Listing Service
