April 2023 Long Beach CA Housing Trends: What You Need to Know
Long Beach CA Housing Trends April 2023 for Buyers & Sellers. Read Jay Valento’s latest insights into the housing market in Long Beach, California.
Long Beach, California has been experiencing some significant changes in the housing market over the past few years.
As of April 2023, the city’s housing trends have continued to show some interesting developments.
If you are considering moving to Long Beach or are a current resident looking to buy or sell property, it’s important to stay informed about the latest housing trends.
Long Beach Housing Trends April 2023
One of the most notable trends in Long Beach’s housing market is the increasing demand for affordable housing. With the city’s population continuing to grow, many residents are struggling to find affordable housing options.
Let’s compare the Long Beach housing prices in 2023 verse Long Beach real estate market 2022 in the latest real estate trends below.
Video: Long Beach CA Housing Trends April 2023
Long Beach Single Family Homes Statistics
- The average Long Beach home prices of single-family homes in April 2023 was $974,316. That is down 7.60% over 2022.
- Inventory of Long Beach homes for sale is down. As of today, there are 121 houses for sale priced between $499,880 to $6 million. You can view all homes for sale in Long Beach on my website right here. We have a link to the most current offerings.
- 406 homes have closed escrow since January 2023. That is down 36.40% from 2022. So, sales are down. Prices and down.
- If you are selling your Long Beach home, price it to sell. It is taking an average of 36 days of your house being on the market before you receive an acceptable offer.
- The List to Sale Ratio: I like this statistic the best to follow a trend. In the city of Long Beach, Long Beach single family homes are selling for 100.10% of the listed price. That means a little over the full price.
Source: all data is from my membership in the California Regional multiple listing service.
Long Beach Condos & Townhomes Pricing
Another trend in Long Beach’s housing market is the continued popularity of Long Beach condos and Long Beach townhouses.
Many residents are drawn to the convenience and low maintenance of these types of properties, especially in areas with high property values.
However, single-family homes are still in demand as well, particularly in neighborhoods with good schools and easy access to amenities.
Whether you are looking for a condo, townhouse, or single-family home, it’s important to work with a knowledgeable Long Beach real estate agent like (me), Jay Valento, who can help you navigate the market and find the right property for your needs.
Long Beach Condos vs Long Beach Townhomes Showdown for April 2023
- The average selling price of Long Beach condominiums for April 2023 is $556,577 which is up 1.10% over 2022.
- There are 86 condos for sale in the city priced between $259,000 to $2 million dollars
- It is taking 30 days after being listed for sale for sellers to receive an offer.
- 210 condos have sold in Long Beach since January 2023. That is down 42.80% over 2022 when 367 condos had sold. Sales are down for condos.
- Long Beach condos are selling for 99.90% of the listed price. That is down 3.6% from 2022, when condos were selling for 3.6% over the listed price.
Long Beach Townhomes is the Best Kept Secret in town
Why? Because only a small number of townhomes sell per year and they are bigger than condos, So, let’s go view some together this week.
- The average selling price of Long Beach Townhomes is $821,858. That is down 3.0% over 2022.
- It takes 46 days to sell a townhouse in Long Beach, California. That is Up 155.60% over 2022.
- Long Beach townhomes are selling for 98.30% of the listed price. Owners are motivated to sell their properties more than condos and are taking less than full-price offers.
Factors Affecting Long Beach Housing Market
Several factors are affecting the Long Beach housing market. One of the main reasons for the high demand for homes is the city’s location.
One of the challenges is higher interest rates. So, please get pre-approved for financing ahead of time.
Underwritten pre-approvals are the best. That means your lender has taken your loan application, and reviewed all of your documents including tax returns and credit reports by an underwriter for the bank.
Popular lenders that may clients like:
- Mary Shuck of Movement Mortgage at 562-388-4197
- Joe Gagarin of Union Bank at 714-651-3708
- Brian Shigekium of Chase Bank at 714-336-5248
- Ellicia Romo at Nexa Mortgage at 602-989-2939
Neighborhood Analysis
If you’re looking for the most desirable neighborhoods in Long Beach, you’ll want to focus on the ones that have seen the biggest increases in home prices and sales activity. Here are some of the top performing neighborhoods in the area:
- Belmont Shore: This waterfront neighborhood is known for its charming beach cottages and high-end homes. It’s a popular spot for boating, dining, and shopping, and it’s seen a significant increase in home prices over the past year.
- Naples Island: Another waterfront neighborhood, Naples Island is known for its canals and beautiful homes. It’s a highly sought-after area, and homes here tend to sell quickly.
- Bixby Knolls: This historic neighborhood is home to many beautiful Craftsman-style homes, as well as a variety of restaurants, shops, and other amenities. It’s a popular spot for families and young professionals.
Up-and-Coming Neighborhoods
If you’re looking for a neighborhood that’s on the rise, here are a few areas to keep an eye on:
- West Long Beach: This neighborhood has historically been overlooked, but it’s starting to see some new development and investment. It’s a diverse area with a lot of potential.
- Zaferia: This neighborhood is located just east of the traffic circle, and it’s starting to see some new development and investment. It’s a diverse area with a variety of shops and restaurants.
Overall, Long Beach is a diverse and dynamic city with a variety of Long Beach neighborhoods to choose from. Whether you’re looking for a high-end waterfront home or an up-and-coming area with lots of potential, there’s something for everyone here.
Long Beach Housing Market Predictions for the Rest of 2023
Looking ahead, the Long Beach housing market is expected to continue its steady growth throughout the rest of 2023. With a strong economy and a growing population, demand for housing is likely to remain high.
As a result, home prices are expected to continue their upward trend, albeit at a slightly slower pace than in recent years.
Thinking of buying or selling Long Beach real estate in 2023?
Let’s meet and talk about your real estate plans. Call me today at 562-413-7655.
