Wednesday, June 13, 2007

Are condos selling in Long Beach CA?

You know this is a fair question as the real estate market continues to change. So if you own a condo, which many do, is there a market for the kind of property that you own? We believe the answer is still yes and that there are some great opportunities for both buyers of condos and the sellers. Now let's get into the data of what happened in May to see what is going on with long beach condos.

The statistics come from the long beach mls system that we use. So without further delay here we go!

  1. Number of Sold Condos: 19
  2. Number of Condos into Pending Status: 58

So what does all of this mean? Well of the 239 that sold last month only 19 were condos. That is 12.6% of the sold inventory for the month. 26.2% of the pending status properties were condos. This is a much better number. As interest rates continue to rise condos, which tend to be vastly more affordable, have appeal to them.

Condos for the short run appear to be not selling as fast as homes but their affordability is a great option for first time home buyers. So if you own a condo in Long Beach CA and you want to move up to a home it is probably a good time to do it. If you are worried about the price of your condo and want to sell just to sell make sure you get all the facts first!

Monday, June 11, 2007

How did May finish in Long Beach, CA for Real Estate?

You know the old saying "It doesn't matter where you start it matters where you finish."? Well that is what hopefully everyone will think by the time 2007 ends in regards to real estate in Long Beach CA. So where did things finish? Well let's take a look at the numbers and see!

All data below comes from the realtor multiple listing service that covers the Long Beach area which is the SoCalMLS. The numbers below will not include any owners that sold their homes without going onto the MLS system.

Activity for May 2007
  • Number of Properties that went into a Sold status - 239
  • Number of Sold last May - 374
  • Number of Properties that went into a Pending status - 221
  • Number of Properties that entered into a Backup Status - 90
  • Number of Active Properties at the endof the Month - 1,769
  • Active as of today is 1,939
  • Number of Active Properties at the begining of May - 1,231

So what does this all mean? Well if you take number of properties that are currently available in means Long Beach has a 7.4 months supply of inventory. This is a great thing! Now I am not recommending all sellers in long beach ca increase the prices of their homes but it is certainly not as bad as some media outlets would lead us to believe. Now some might say well 36% fewer properties were sold in May this year as compared to last. I would say you are right! Now last year was a record year. This year isn't necessarily a bad year just not a record year. So we can read into it there are less homes being sold so make sure to price accordingly. Let's here what everyone else has to say!