Long Beach Real Estate-Long Beach Condos

Long Beach Real Estate Market

 

The California Association of Realtors (CAR) takes a closer look at the mix of home sales. Statewide median price in July 2009 is $285,480 which reflects an 3.9% increase over June 2009; annual decline of 19.6% which is the smallest decline in 19 months. California home sales increased 8.1% in June 2009 and 12% since June 2008, CAR reports a 43.4% increase in sales over the last year.

Don't get too excited about the increase in prices or sales, it is all about how the numbers are reported.  The CAR report goes on to explain what we Realtors have been saying all along. 

 

" The recent increase in the median price is attributed in part to the change in the mix of sales since the beginning of this year. Since reaching a peak of 85 percent in January 2009, the market share of homes sold under the price range of $500,000 (the low-end market) has been gradually declining and was down to 74 percent in July. Meanwhile, the market share of homes sold between $500,000 and $1 million (the middle tier) surged from 12 percent in January 2009 to 20 percent in July, and homes sold above $1 million (the high-end market) improved from 3 percent to 6 percent for the same period. The shift in the market share was due primarily to the slow down in the sales for lower-priced homes, and a gain in the sales of higher-priced homes throughout the first half of the year. In January, the low-end tier registered a year-to-year increase of 177.7 percent in home sales, but had since come down to a smaller gain of 23.0 percent in July. In the same time frame, the middle tier went from an annual decrease of 11.8 percent to an annual gain of 1.1 percent, while the high-end tier improved from an annual decline of 47.2 percent to a year-over-year drop of 4.2 percent.   The gain in sales has softened at the low-end market because of low inventories. Statewide, inventory has shown a steady decline since the start of the year, with the unsold inventory index dropping from 6.6 months in January 2009 to 3.9 months in July 2009. Inventory levels, however, differ between price tiers and are tighter at the low-end market. The unsold inventory index for the low-end market has been around 3 to 4 months since the beginning of the year, and was 3.2 months for July 2009, as compared to 6.9 months for the same month last year. The middle tier had an inventory level of around 9 months early this year, but had dropped to 4.3 months in July, and was lower than 6.6 months a year ago. The inventory level of the high-end segment has declined since the start of this year, but continued to experience elevated inventories. The unsold inventory index for high-end homes was at 9.6 months in July 2009, slightly below 9.8 months for the same month last year. With inventory levels well below the long-run average, a supply shortage at the low to middle-tiers may have constrained sales in lower-priced homes and led to an increase in the median price. The supply of homes is expected to increase later this year as the number of foreclosures continues to rise from last year. However, the government and lenders efforts in modifying loans, combined with delays in processing the backlog of delinquencies may ease the number of defaulted loans, thus making a prediction on the number and timing of the flow of distressed properties less certain.  Read full story>>> "

 

 

The banks have yet to release the multitude of foreclosed homes they have in inventory.  We await the arrival of these onto the open market and wonder how the banks will approach the release.  If they release a large amount of inventory all at once it will certainly relieve the pressure many buyers are experiencing while trying to purchase in a low inventory situation.  Although if they do release a large portion of their inventory it would most certainly drive home prices down even further.  If they release this inventory slowly it will continue to promote a highly competitive purchase environment in which there are more buyers than desirable properties to buy. 

 

Buyers of Long Beach homes and condos are experiencing difficulties in locating desirable properties to buy within their price range.  The shear multitude of properties on the market in Long Beach are either short sales or are undesirable, many are fixer uppers.  First time buyers are not in a position to finance the after purchase repairs needed to purchase a serious fixer upper.  Finding what you are looking for in this market is highly competitive and often time consuming. 

 

We are experiencing a bit of a sellers market in the middle of a buyers market, I like to call it a false sellers market.  It is temporary!  As the inventory increases we should swing back to a healthy buyers market.  Only time will tell if that transition will be smooth or a head on collision. 

 

If  you are considering purchasing real estate in Long Beach contact Laurie for your free consultation and to begin your home search (562) 212-5420.

 

Read also:

• Long Beach Luxury Homes Market Update

 

 

Important Long Beach Home Buyer Tips

• Don't Make Any Major Purchases
• Things to Avoid Before Purchasing a Long Beach Home
• Changing Jobs Affects Your Ability to Purchase a Long Beach Home
• Long Beach Homes - Issues for 1st Time Buyers
• Buying Fixer Upper Homes in Long Beach
• Long Beach Home Owners Can Deduct PMI

This important article highlights issues that many first time home buyers do not consider, that being the remaining life of the existing systems currently in the home and the cost of future replacement:

• Buying Fixer Upper Homes in Long Beach

 

http://www.longbeachrealestatehome.com/009CAD

Long Beach Real Estate State of the Market Update

Homes and Condo Sales 2009

 

 

Everybody wants to know where the bottom of the market is and when it is going to happen.  While nobody can pinpoint that exactly, its always smart to know what is going on in your local real estate market and to be able to make some assessments for yourself.  The news reports real estate market information that is very general, not specific to your Long Beach neighborhood or Long Beach real estate market, which can be very misleading to buyers.  Many local real estate markets have been hit very hard, and some not quite as badly.  Reporting nationwide statistics doesn't really give a buyer a good snapshot of their market.  Real estate is local.  There is little that is more pertinent to your home search and determining when is the right time to buy, than solid local sales statistics. 

 

If you are in the market to buy real estate in Long Beach then you are in the right place, right now.  Below you will find charts comparing 2009 real estate sales in Long Beach to those of 2008.  These statistics were pulled directly from the local SoCalMLS, your local Long Beach real estate market sales statistics.  While reviewing these charts you will see that sales are up, prices are down dramatically and days on market is shorter, when comparing the first half of 2008 and 2009. Does that make this a good time to buy?  We think so!

 

Currently the Long Beach real estate market is experiencing low inventory for the types of homes and condos that are in the highest demand.  Long Beach condos under $350,000 and Long Beach homes under $500,000 are in short stock and great demand.  We have more buyers than we have suitable properties to sell, this has caused multiple offers on just about everything that is in reasonable condition.  Many buyers want to be close to the beach, there is even less inventory available there. 

 

Current conditions have caused a false or temporary sellers market in the middle of a real buyers market.  Sellers are currently enjoying holding out for higher prices and granting less concessions on homes and condos for sale at this time.  Low inventory will do that; it is the law of supply and demand.  While this usually would indicate that the bottom of the market has arrived we must consider that the banks are sitting on a mountain of foreclosed homes and condos that have not yet hit the market. Once these properties are released for sale, many of the buyers searching unsuccessfully for homes and condos now should be able to find what they are searching for and take some of the pressure off.  This should swing the market back to a true buyers market.  Rumor has it that these bank properties are going to be released in the very near future, we are all looking forward to that day. 

 

When the banks finally begin to release the foreclosed properties will that drive prices down yet again?  If the banks release large amounts of inventory onto the market that would definitely happen.  If the banks let the properties trickle out then prices should hold or just drop a bit.  Do banks have a habit of acting responsibly?  Well the sub-prime problems didn't cause themselves!  You can be pretty certain that the stockholders of the banks are placing considerable pressure on the banks to turn that inventory into cold hard cash.  There are many buyers waiting to make that happen.  We are all looking forward to that happening. 

The Long Beach Real Estate Market has seen some rather large changes in 2009.  Never is it more apparent than when you have the numbers right in front of you.  So without further ado: 

 

Compare Long Beach Homes and Condo Sales

		2009		2009			2008		2008
		HOMES		CONDOS	TTL		HOMES		CONDOS	TTL
		# SOLD		# SOLD			#SOLD		#SOLD
JAN		130		62	192		79		42	121
FEB		134		58	192		103		42	145
MAR		161		83	244		118		51	169
1/4 TTL		425		203	628		300		135	435
APR		173		81	254		149		60	209
MAY		186		91	277		181		58	239
JUN		203		79	282		181		64	245
2/4 TTL		562		251	813		511		182	639
YTD TTL		987		454	1441		811		317	1128
JUL		198		92	290		204		64	268

 

2009 2nd Quarter Statistics

1/1/2009 - 6/30/2009

		2009		2009		2008		2008
		HOMES		CONDOS		HOMES		CONDOS
AVG SALE PRICE		367,305		260,034		514,978		347,019
AVG PRICE PER SQ FT		263.84		242.23		347.05		326.37
DAYS ON MARKET		64		80		74		84

 

 

 

Long Beach Homes and Condos for sale under $500,000

 

 

 

525 Seaside Way 1505 - Harbor Place Luxury High Rise Condo For Sale - Downtown Long Beach Real Estate

 

 

Laurie Manny
(562) 212-5420
Your Long Beach Expert!

 

 

 

• Search Foreclosures for sale in Long Beach California
• Search Foreclosures for sale in Lakewood California
• Search Foreclosures for sale in Huntington Beach California

 

---

 

Important Long Beach Home Buyer Tips

• Long Beach Condos - Buyer Tips for a Smart Purchase - Buying condos is serious business, learn how to arm yourself with necessary information. 
• Don't Make Any Major Purchases - Part 1 of 3
• Things to Avoid Before Purchasing a Long Beach Home - Part 2 of 3
• Changing Jobs Affects Your Ability to Purchase a Long Beach Home - Part 3 of 3
• Long Beach Buyers - Step Up to the Plate or Lose the Game! - Are you really ready for todays market?
• Long Beach Homes - Issues for 1st Time Buyers - Great Information for todays first time home buyers. 
• Buying Fixer Upper Homes in Long Beach -This article highlights issues that many 1st time home buyers do not consider, that being the remaining life of the existing systems currently in the home and the cost of future replacement.

  
  

  ---

  
  

  (Direct feeds from the Southern California MLS)
  

  Belmont Shore and Naples Island Luxury Real Estate For Sale

  • Belmont Shore and Naples Condos For Sale-Long Beach Real Estate
  • Belmont Shore Naples Homes For Sale in Long Beach CA $2000000 and up
  • Belmont Shore CA Homes for sale under $1000000
  • Belmont Shore-Naples Homes For Sale in Long Beach California $1000000 to $2000000

  
  

  Long Beach Homes For Sale

  • Long Beach Homes For Sale $300000 to $400000
  • Long Beach Homes For Sale $400000 to $500000
  • Long Beach Homes For Sale $500000 to $700000
  • Long Beach Homes For Sale $700000 to $900000
  • Long Beach Homes For Sale $900000 to $1200000
  • Long Beach Luxury Homes For Sale $1200000 to $2500000
  • Luxury Homes For Sale in Long Beach California $2.5 Million and up

  
  

  Long Beach Condos For Sale

  • Long Beach Condos For Sale $1,500,000 and higher
  • Long Beach Condos For Sale $1,000,000 to $1,500,000
  • Long Beach Condos For Sale $900,000 to $1,000,000
  • Long Beach Condos For Sale $800,000 to $900,000
  • Long Beach Condos For Sale $700,000 to $800,000
  • Long Beach Condos For Sale $600,000 to $700,000
  • Long Beach Condos For Sale $500,000 to $600,000
  • Long Beach Condos For Sale $400,000 to $500,000
  • Long Beach Condos For Sale $300,000 to $400,000
  • Long Beach Condos For Sale Under $300,000

  
  

  Long Beach Income Properties For Sale

  • Income Property For Sale in Long Beach California-5+ Units
  • 2 to 4 Units For Sale in Long Beach California
  • Triplexes For Sale in Long Beach California
  • Duplexes For Sale in Long Beach California

 

http://www.longbeachrealestatehome.com/009B5D

Foreclosed Long Beach Homes, Condos and Income Properties For Sale

Live listings feed from the SoCalMLS - Updates and stays current for your reference.

More Property Details:

Long Beach Foreclosures For Sale-Bank Owned-REO Properties-Long Beach Real Estate For Sale

 

Note:  Properties listed as "Contingent" are in escrow accepting back up offers. 

 

When you are ready to view any of these properties call Laurie (562) 212-5420

 

 

Laurie Manny
(562) 212-5420
Your Long Beach Expert!

• Search Foreclosures for sale in Long Beach California
• Search Foreclosures for sale in Lakewood California
• Search Foreclosures for sale in Huntington Beach California

---




Important Long Beach Home Buyer Tips

• Long Beach Condos - Buyer Tips for a Smart Purchase - Buying condos is serious business, learn how to arm yourself with necessary information. 
  
• Don't Make Any Major Purchases - Part 1 of 3
• Things to Avoid Before Purchasing a Long Beach Home - Part 2 of 3
• Changing Jobs Affects Your Ability to Purchase a Long Beach Home - Part 3 of 3
• Long Beach Buyers - Step Up to the Plate or Lose the Game! - Are you really ready for todays market?
• Long Beach Homes - Issues for 1st Time Buyers - Great Information for todays first time home buyers. 
• Buying Fixer Upper Homes in Long Beach -This article highlights issues that many 1st time home buyers do not consider, that being the remaining life of the existing systems currently in the home and the cost of future replacement.

  
  

  ---

  
  

  (Direct feeds from the Southern California MLS)
  

  Belmont Shore and Naples Island Luxury Real Estate For Sale

  • Belmont Shore and Naples Condos For Sale-Long Beach Real Estate
  • Belmont Shore Naples Homes For Sale in Long Beach CA $2000000 and up
  • Belmont Shore CA Homes for sale under $1000000
  • Belmont Shore-Naples Homes For Sale in Long Beach California $1000000 to $2000000

  
  

  Long Beach Homes For Sale

  • Long Beach Homes For Sale $300000 to $400000
  • Long Beach Homes For Sale $400000 to $500000
  • Long Beach Homes For Sale $500000 to $700000
  • Long Beach Homes For Sale $700000 to $900000
  • Long Beach Homes For Sale $900000 to $1200000
  • Long Beach Luxury Homes For Sale $1200000 to $2500000
  • Luxury Homes For Sale in Long Beach California $2.5 Million and up

  
  

  Long Beach Condos For Sale

  • Long Beach Condos For Sale $1,500,000 and higher
  • Long Beach Condos For Sale $1,000,000 to $1,500,000
  • Long Beach Condos For Sale $900,000 to $1,000,000
  • Long Beach Condos For Sale $800,000 to $900,000
  • Long Beach Condos For Sale $700,000 to $800,000
  • Long Beach Condos For Sale $600,000 to $700,000
  • Long Beach Condos For Sale $500,000 to $600,000
  • Long Beach Condos For Sale $400,000 to $500,000
  • Long Beach Condos For Sale $300,000 to $400,000
  • Long Beach Condos For Sale Under $300,000

  
  

  Long Beach Income Properties For Sale

  • Income Property For Sale in Long Beach California-5+ Units
  • 2 to 4 Units For Sale in Long Beach California
  • Triplexes For Sale in Long Beach California
  • Duplexes For Sale in Long Beach California

 

http://www.longbeachrealestatehome.com/0096E6

Bank Owned-REO-Foreclosures for sale

Downtown Long Beach-Alamitos Beach

Long Beach California

Includes: homes, condos, lofts, income properties, high rise, historic district, oceanfront, etc...

More property details:

Bank Owned-REO-Foreclosures for sale-Downtown Long Beach-Alamitos Beach-Long Beach California

Note:  Properties listed as "Contingent" are in escrow accepting back up offers. 

When you are ready to view any of these properties just call or contact us for an appointment.

 

---

 

 

Laurie Manny
(562) 212-5420
Your Long Beach Expert!

• Search Foreclosures for sale in Long Beach California
• Search Foreclosures for sale in Lakewood California
• Search Foreclosures for sale in Huntington Beach California

---




Important Long Beach Home Buyer Tips

• Long Beach Condos - Buyer Tips for a Smart Purchase - Buying condos is serious business, learn how to arm yourself with necessary information. 
• Don't Make Any Major Purchases - Part 1 of 3
• Things to Avoid Before Purchasing a Long Beach Home - Part 2 of 3
• Changing Jobs Affects Your Ability to Purchase a Long Beach Home - Part 3 of 3
• Long Beach Buyers - Step Up to the Plate or Lose the Game! - Are you really ready for todays market?
• Long Beach Homes - Issues for 1st Time Buyers - Great Information for todays first time home buyers. 
• Buying Fixer Upper Homes in Long Beach -This article highlights issues that many 1st time home buyers do not consider, that being the remaining life of the existing systems currently in the home and the cost of future replacement.

  
  

  ---

  
  

  (Direct feeds from the Southern California MLS)
  

  Belmont Shore and Naples Island Luxury Real Estate For Sale

  • Belmont Shore and Naples Condos For Sale-Long Beach Real Estate
  • Belmont Shore Naples Homes For Sale in Long Beach CA $2000000 and up
  • Belmont Shore CA Homes for sale under $1000000
  • Belmont Shore-Naples Homes For Sale in Long Beach California $1000000 to $2000000

  
  

  Long Beach Homes For Sale

  • Long Beach Homes For Sale $300000 to $400000
  • Long Beach Homes For Sale $400000 to $500000
  • Long Beach Homes For Sale $500000 to $700000
  • Long Beach Homes For Sale $700000 to $900000
  • Long Beach Homes For Sale $900000 to $1200000
  • Long Beach Luxury Homes For Sale $1200000 to $2500000
  • Luxury Homes For Sale in Long Beach California $2.5 Million and up

  
  

  Long Beach Condos For Sale

  • Long Beach Condos For Sale $1,500,000 and higher
  • Long Beach Condos For Sale $1,000,000 to $1,500,000
  • Long Beach Condos For Sale $900,000 to $1,000,000
  • Long Beach Condos For Sale $800,000 to $900,000
  • Long Beach Condos For Sale $700,000 to $800,000
  • Long Beach Condos For Sale $600,000 to $700,000
  • Long Beach Condos For Sale $500,000 to $600,000
  • Long Beach Condos For Sale $400,000 to $500,000
  • Long Beach Condos For Sale $300,000 to $400,000
  • Long Beach Condos For Sale Under $300,000

  
  

  Long Beach Income Properties For Sale

  • Income Property For Sale in Long Beach California-5+ Units
  • 2 to 4 Units For Sale in Long Beach California
  • Triplexes For Sale in Long Beach California
  • Duplexes For Sale in Long Beach California

 

http://www.longbeachrealestatehome.com/009562

Foreclosed Lakewood California Homes, Condos and Income Properties For Sale

Live listings feed from the SoCalMLS - Updates and stays current for your reference.

More Property Details:

Foreclosed Lakewood CA Homes, Condos and Income Properties For Sale-Lakewood CA Real Estate For Sale 

When you are ready to view any of these properties just call or contact Laurie for an appointment.

 

http://www.longbeachrealestatehome.com/0096E8