Long Beach Real Estate Market Trends August 2020. Compare Long Beach homes pricing to Long Beach condos to spot trends in the current housing market.
This good to know if you are buying a Long Beach property in 2020 or selling one.
What is Happening in the Long Beach Real Estate Market During a Pandemic?
One buyer said, “since nothing is selling, will the seller take $100,000 less.”
The Long Beach real estate market trends as of August 2020 is that the market is SIZZLING.
How Do I Determine that the Housing Market is Sizzling?
I look at the housing numbers from our California Regional Multiple Listing Service. Also known as the MLS. I don’t go to Zillow to research numbers and neither should you. They can be off by as much as 30%.
I researched the numbers to create this chart to show you the prices of Long Beach houses verse Long Beach condos as of August 2020.
Important Things to Focus On for this Chart
A couple of things to focus on in the chart below. The percentage of the listing price is what properties sold for. 100% equals full-price offers. I look at that and months of supply numbers. Right now, there is a lack of homes for sale verse condos. Below the chart will show what the numbers mean for months of supply.
|Statistics August 2020||Long Beach Homes||Up or Down 2019||Long Beach Condos||Up or Down 2019|
|Average Selling Price||$804,226||UP 10.50%||$444,564||UP 5.10%|
|Closed Sales||1,231||DOWN 11.10%||575||DOWN 10.20%|
|Days on Market Until an Offer is Accepted||27||DOWN 27%||38||SAME|
|Price per Square Foot||$523.00||UP 8.10%||$480.00||UP 3.4%|
|Percentage of the Listed Price that Homes Sell For||100.30%||UP 0.80%||99.60%||UP 0.10%|
|Months of Inventory for Sale:||1.70||DOWN 32%||3.0||UP 15.40%|
Months of Supply is a Key Indicator of Trends
Months Supply of Inventory (MSI) is an estimate of how long it will take (in months) for the current number of properties for sale to sell (or be absorbed) based on the recent yearly absorption rate. Absorption rates help sellers and buyers set asking prices and purchase offers.
0-4 months: Sellers Market
Fewer choices, more competitive bidding, more counter offers
4-5 months: Balanced Market
Some choices, decent competition, friendly negotiations
5-8 months: Buyers Market
More choices, less competition, increased price reductions, more negotiations
Long Beach Real Estate Market Trends August 2020 Video
Check out the current Long Beach real estate trends for 2020 and beyond
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