Every month there is a new sales report for how the city of Long Beach is doing verse other cities in Southern California. The report breaks down each area by zip code as well. Today, I just wanted to focus on the zip code of 90803 to give you an idea of how the Long Beach real estate market is doing in August.
Single Family Homes in 90803
Let’s review the numbers based on a historical comparison of August 2012 verse August 2013.
|Key Factors||August 2012||August 2013||Percentage Change|
|Days on Market||101||70||-30.7%|
|Average Sales Price||$1,079,326||$872,142||-19.2%|
|% of List Price Home Sold at||93.5%||96%||+2.7%|
|Inventory of Homes||80||62||-22.50%|
|Months of Supply of Inventory||4.7||3.5||-25,50%|
The inventory of homes are down which are forcing prices upward. When I cover the average price, it is a little challenging because it takes into account all single family homes in 90803 instead of a target market on a neighborhood like Belmont Shore or Naples Island or one of the other areas. So, that the numbers as a trend in the real estate marketplace.
Interest rates went up to 4.75% in the past few weeks and we noticed a slow down of sales. I still think it is a great interest rate. When I started real estate 20 years ago, I think the interest was 12% or more.
Is there a particular neighborhood in Long Beach, that you want more information about?