For this blog article we have not broken up the difference between homes and condos. We will be doing that in the future though so stay posted. The statistics only include residential housing so no multi-family properties are included in the statistics. There may be a possibility that a duplex is included in the statistics if it was listed under the heading of residential properties.
All of these statistics came from the MLS(Multiple Listing Service). We did do the searching so it is as accurate as possible. All information is based on data from 02/01/2007 to 02/28/2007
So here we go.
- Total residental properties available: 1,264
- Total new properties that came on the market: 407
- Total properties that went into escrow (Both Pending & Backup Status) - 237
- Total properties that Expired - 137
So what does that mean. Let's take a look and then hear what people have to say. At the current pace of sales (237) a month that means Long Beach as a whole has 5.3 months of inventory. Now in different areas of Long Beach this sometimes means the level of inventory is beyond 6 months and in others it is below 6 months.
The reason I mention 6 months is that below 6 months of inventory a market is considered a sellers market, between 6 months to 12 months the market is considered a level field for buyers and sellers, and above 12 months the market is considered a buyers market.
Now I don't think that this is a seller's market and seller's should just rush out there and price to the sky. What I do believe this data is telling us is that the market is becoming more balanced and that Long Beach as a whole is not experiencing a massive fallout as the media has been saying is across the country.
So upcoming we will continue to post more statistics about the different areas of Long Beach so that homeowners in all areas can see what is going on in their particular area.
As usual, you decide the truth!
You be the judge of the real estate market!
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