Long Beach Real Estate 2009 State of the Market Update - Long Beach Homes and Condos SalesLong Beach Real Estate 2009 State of the Market Update - Long Beach Homes and Condos SalesLong 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 2nd Quarter Statistics 1/1/2009 - 6/30/2009
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
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Posted on August 20, 2009 20:50:00 by Laurie Manny Professional Group
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To begin your search for the perfect home or to sell your home in the Long Beach area, begin your journey by calling Laurie Manny at (562) 212-5420.
