Long Beach Real Estate Results for September 2007

OK the results are in for the city of Long Beach. These are the market numbers for the entire city.

All data comes from the Realtors MLS system that covers the city of Long Beach which is SoCalMLS. If property was sold outside of this system it will not be reflected in these numbers.

So here we go!

September 2007 Real Estate Market Statistics for Long Beach

• Total Active Residential Properties Available as of 10/1/2007 - 2,262
• In Escrow Properties ( Pending & Backup) - 186 ( 117 Pending, 69 Backup)
• Expired Properties - 244
• New Listings in October - 488

OK so what does all of this mean?

• Well if you use the months of inventory barometer. That is the statistic that says how long would it take to sell all the homes currently on the market if no new homes came on. At the current pace of homes sold in Long Beach that would be 12.16 months of supply or just over 1 year. It should also be noted that two areas of the city (Downtown Long Beach and North Long Beach) hold almost 50% of the cities inventory and do not make up 50% of the city in size or population.
• Homes are selling. In fact 186 people got their properties to be sold.
• Homes are expiring or coming off the market. This is happening for a variety of reasons the main one being the price being asked did not get to a point where a buyer could afford or was willing to purchase the property.
• New properties are coming on the market. If you didn't see anything in the past you liked 488 new opportunities came on for you to take a look at.

Please don't hesitate to let us know what you think.