The Long Beach real estate market, city wide, for single family homes saw a slight dip in number of sales in June:
May 2008, there were 164 sales
June 2008, there were 160 sales
For June, average listing price for a Long Beach home was $576,732 and the average sold price was $523,646, a difference of $53,267 less then the asking price. So homes are being purchased for 90.16% less. They spent about 72 days on the market in June before they received an acceptable offer.
Even though there were four more sales in May, the average time on market in that month was 78 days. So, June was a little hotter for home sellers in terms of days on market.
The good news for home buyers is that there are some great buys in Long Beach if you know where to look. One of my clients just bought a home sold by a corporate relocation company, that was listed for sale by another real estate company. This was not a short sale or bank foreclosure/bank repo. The owner was transferred by his company to another location. His relocation company purchased the property from him.
Then, they priced the home a over 20% percent lower than the comparable sales in the area and it generated four multiple offers. My clients ended up paying full price because there were three other offers on the home…they still bought it for over 20% less then market value. That was an awesome buy for them. But don’t get the idea that you are going to get your next home for a deep discount of 20% or more.
Most home pricing is already lowered by eager home sellers to generate offers. Before making an offer, make sure that your Realtor® (hopefully on the Red Wagon Team), provides you with the most recent comparable sales just like an appraiser would for the bank. If you are relaying on zillow.com for an estimate, just a word of warning, that zestimate may be not as accurate as what a skilled real estate professional can provide you.
How Many Long Beach Homes are for Sale?
Active Listings 1,022 homes for sale in Long Beach with an average price of $596,280.
Now, there are some homes priced for $100,000 to as high as $8,400,000. The closer your home is the ocean the high the price you may have to pay.
Here is something very interesting, of the 1,022 homes, they have been on the market an average of 102 days. That’s 30 days longer than the average days on market for sales in the month of June. If we divide the number of sales by the number of homes on the market, there are 6.3875 months of inventory. That means that it would takes over 6 months to sell all of the available homes for sale.
There are 342 properties in escrow with accepted offers.
View Long Beach homes for sale on our new, easy to use search by map program, for your next purchase.
Note: The numbers of active, pending and sold listings were researched and complied from the Southern California multiple listing service (SoCalmls) and are deemed reliable but not guaranteed. These properties include new, resales, bank repos and short sale properties.