Saturday, January 20, 2007

Long Beach Inventory Down...Helping Prices

The inventory in Long Beach went from over 1700 available single family homes and condos down to just 1362 now in January 2007. This has definitely made an impact on what people viewed was "massive amounts of property available". The average days on market has crept up over 70 days which some would say is a sure sign that deals can be made. Is that true...let's see!

Last month in December:

  • Number of Residential Units Sold: 291
  • Avg Sales Price: $538,990
  • Avg Sales Price to List Price: 97.41%

So yes, there are deals out there, but it doesn't look quite as massive as the most would have you believe. Now the sale price does not include concessions that a seller may give, however, most lenders cap the amount that can be provided at 3%, so realistically we are looking at somewhere over all that discounts are ranging in from 0%-5.6%. Values are holding strong and sellers seem to be prepared to make the wait for the right buyer to come along.

You Be the Judge of the Real Estate Market!