I’m noticing a shortage of Long Beach real estate properties coming on the market which is driving prices higher.
Real estate is challenging.
Of course, there are 1,158 homeowners that have four bedroom homes in Long Beach that are off the market with equity. Our goal is to talk to them and find out who is thinking of moving in 2016.
March 2016 Numbers for Long Beach Homes that Sold
Average selling price of all single family homes in Long Beach is $632,767
Let’s break that down further.
- Two bedroom homes are selling for $449,342 which is up 3.1% over 2015
- Three bedroom homes are selling for $607,796 which is up 11.4% over 2015
- Four bedroom homes or more are selling for $841,672 which is up 11% over the previous year
This is overall pricing. Your home’s value is determined based on square footage, condition and location.
Key indicator of our listing inventory is the number of new listings that are coming on the market. In March, 679 single family homes came on the market which is up 6.1% from 2015.
Pricing Long Beach Hoems Right and They Will Sell
Long Beach homes are selling for 98.4% of the last listed price overall and 96.8% of the original listed price. The average price per square foot is $360. This number varies when it comes to square footages and number of bedrooms. I have noticed that at the higher square footage ranges that the price per square foot goes down.
That’s because homes are evaluated in a square footage range and by location. Looking at computer models from popular online home magazines like Zillow, Trulia or Realtor.com for pricing is not what the professionals do.
For example, a three bedroom home with less than 1,000 square feet is selling at $442 per square foot. If the three bedroom home has 1000 to 1200 square feet, then the average price per square foot is $396. If you move that house closer the ocean, the price goes up.
If you are thinking of selling your home in 2016, contact our Long Beach real estate team to understand the current market value and how much you will net from the sale.
Video of Long Beach Real Estate March 2016: Home Prices