The Long Beach CA Real Estate Market October 2023
The Long Beach CA real estate market October 2023, with homes continuing to sell quickly and for over asking price.
According to local Long Beach real estate agent Jay Valento of Fathom Realty Group, the October 2023 statistics show a competitive market environment for buyers.
Long Beach Homes Pricing for October 2023
For single-family homes in Long Beach, the average sales price in October was $1,038,278. This represents a slight decrease from September’s average of $1,040,136.
- Homes sold quickly in October, spending an average of just 28 days on the market before going under contract. This is in line with the quick pace seen over the past several months, indicating continued high demand.
Not only are Long Beach homes selling rapidly, but they are also fetching premium prices.
- On average, Long Beach homes sold for 1.20% over the listing price in October. This compares to 1.29% over the list price in September.
- While not a huge decrease, it does indicate sellers are still very much in the driver’s seat when it comes to home price negotiations.
- Multiple offers and bidding wars remain commonplace.
Long Beach Condos Pricing in October 2023
The condo market in Long Beach also remained strong in October 2023. The average sales price for a condo was $564,114, up from $555,028 in September.
Condos spent an average of just 28 days on the market, the same as single family homes. This swift sales pace reflects lower inventory of condos for sale in Long Beach.
For pricing, Long Beach condos sold at an average of 0.80% over the list price. This is down from 2.60% over the list price in September.
While not seeing quite as much overbidding as single family homes, condos are still garnering premium prices in most cases.
Long Beach Townhomes Housing Prices for October 2023
Townhomes saw a median sales price of $799,960 in October, DOWN from $829,534 in September.
Townhomes spent an average of 36 days on the market before going under contract, a bit longer than single family homes and condos.
For sales price compared to list price, townhomes sold right at list price on average, not seeing the overbidding common with other property types.
Key Factors in the Long Beach CA Real Estate Market October 2023
What is driving the continued strong performance of the Long Beach real estate market? Here are some of the key factors at play:
- Low inventory – With buyer demand high, the extremely limited number of properties for sale is putting upward pressure on prices and causing bidding wars. There is less than 2 months of inventory available in Long Beach.
- Strong local economy – The diverse economy of Long Beach and surrounding areas, including education, healthcare, trade, and technology, is fueling job and income growth and high demand from buyers.
- The desirability of beach communities – Long Beach offers an enviable beach lifestyle that continues to draw buyers from across Southern California and beyond. Limited oceanfront supply adds to the competition.
Forecast for Long Beach Real Estate 2023
Looking ahead to the remainder of 2023, the Long Beach real estate market is likely to remain highly competitive, though price growth may moderate. Mortgage rates are projected to continue rising, which could start to price some buyers out or reduce their purchasing power.
However, the overall economic fundamentals remain positive, which should sustain solid demand. Inventory is expected to remain tight as well. Both buyers and sellers can expect a vigorous market for the foreseeable future.
In summary, October 2023 represented another strong month for Long Beach real estate. Long Beach Homes and condos moved swiftly and commanded premium prices in most cases.
While rising rates could start to balance the scales somewhat, both buyers and sellers will continue to benefit from favorable market conditions as 2023 winds to a close.
Data Source: California Regional multiple listing service. National Association of Realtors.
