Long Beach Real Estate-Downtown Long Beach Condos

Downtown Long Beach Condos Market Report 2008

January 1, 2008 - June 17, 2008

The Downtown Long Beach Condo Market has begun to pick up a bit.  Lenders have tightened up on lending standards, interest rates are lurking around 6.5% and buyers must be pre-qualified.  It’s a smart buyer that has a lock in letter and a loan commitment from their lender to protect themselves.   This puts some strong buyers on the market right now and they are looking to purchase the most their money will buy.  There are some really great buys available right now, well priced units are receiving multiple offers and investors are out shopping. 

Remember the old saying buy low, sell high?  Well, prices are at the lowest they have been in many years.  The smart money is buying now. 

Sales of waterfront condos as second homes and vacation homes have picked up considerably.  Many are purchasing and leasing pending future retirement in the luxury high rises which grace our shores. 

There are currently 160 Downtown Long Beach Condos for sale.

• Average Price: $414,607
• Average Days on Market: 92

10 Downtown Long Beach Condos are in escrow accepting backup offers.

• Average Price:  $338,419
• Average Days on Market: 72
  

22 Downtown Long Beach Condos are pending in escrow.

• Average Price: $304,045
• Average Days on Market:  76
  

46 Downtown Long Beach Condos have closed escrow in 2008.

• Average Price:  $342,386
• Average Days on Market:  97
• These units sold at an average of 96.79% of Listed Price.
  

68 Downtown Long Beach Condo Owners cancelled their listings.

• Average Price:  $508,651
• Average Days on Market:  122
  

93 Downtown Long Beach Condo Listings Expired:

• Average Price:  $416,866
• Average Days on Market:  160
  

3 Downtown Long Beach Condo Listings are currently on Hold:

• Average Price:  $254,566
  
• Average Days on Market:  131

6 Downtown Long Beach Condos have been Withdrawn from the market:

• Average Price:  $376,050
• Average Days on Market:  122
  

5 Downtown Long Beach Condos For Sale were leased:

• Average Days on Market:  135
  

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