You know right now if you own belmont shore real estate and you need to sell you are in for an interesting ride. Now let me be very clear. One can always sell real estate it just depends on what price you are willing to take for your property that decides on how many days your property is going to stay on the market. So what is happening in Belmont Shore in Long Beach, CA. Well let's look at the numbers and see what they say! All of the numbers below come from the realtor MLS that serves the area which is SoCalMLS.
- Total Active properties in Long Beach: 1,894
- Total Active in Belmont Shore: 91 - 4.8% of the properties available in Long Beach
- Total New Listings in May in Belmont Shore: 30
- Total New Listings that went into Escrow (Pending or Backup) -2
- Months Supply (Active in area\Amount into escrow) - 45.5 months!
Now I can see what is going to happen. I am going to get some hate e-mail on saying that there is 45 months of inventory in Belmont Shore. Now the area I am using in the MLS also includes Belmont Park and Naples. So in fairness these numbers come from these three areas that are very close to each other. These areas also have many high end properties in excess of 1 million dollars. These homes tend to average longer days on market. So I don't think that there is really 45 months worth of inventory. I would tell the high end buyer that they have a few choices out there. 1 million doesn't buy what it used to but it buys quite a bit.
So what does this all mean. It means that as interest rates continue to increase it is not as easy as it used to be to afford that executive home. So take caution with your pricing high end luxury seller. And to the buyers of these homes we say enjoy the selection but don't expect to get a 1 million dollar home with the ocean view for 50 cents on the dollar!
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