Long Beach Mid Month Report

OK we are halfway through October and the kids are getting excited about Halloween. So is the real estate market scary? Well let's take a look at what is going on and see if it is or isn't.

Mid Month Report for Long Beach CA Real Estate

• Number of Units in Escrow - 81 (39 Condos, 42 homes)
• Days on Market Year to Date Average - 72
• Days on Market for October -69
• Average Price for a Condo on the Market - $390,000
• Average Sold Price for a Condo -$376,000
• 43 of the properties that went into escrow went in under 60 days of being listed for sale.

So what does all of this means. Well here is what we thing of all of these statistics which were pulled from the realtor MLS system that covers Long Beach.

• The average condo being sold is more affordable than the average one listed. There are 330 active condos under $300,000 so there are affordable choices out there. Don't let averages fool you!
• If sellers aren't getting an offer or enough showings within the first 30 days they may want to revisit their price with their real estate professional as you want to be in escrow within the 60 day mark.
• Days on Market (the average time a property spends on the market prior to receiving an offer) is lower for October. We have the serious buyers and sellers out there wanting to make deals work.

So is the market really scary? Well we don't think so but beware trying to wait too long before responding to buyers requests or a buyer offer.