We tend to hear from the media that the real estate market is falling apart and there choices for homes abound. Now of course there are areas of this fine city, Long Beach, that have more inventory choices than others. Downtown Long Beach and North Long beach represent over 50% of the available inventory in Long Beach but no where near 50% of the purchases that occur in the city. Let's take a look at what is going on in Belmont Heights.
- 61 single family homes are available for sale
- Average price for a home is $983,000
- Only 25 homes that are $775,000 or under
- 12 properties are currently in escrow
The city is average about a 10% purchase rate of homes meaning about 10% of the available home inventory is sold every month. In Belmont Heights it is almost 20% or twice the average of the rest of the city. Real estate is local even within the same city and you have to know what is going on in your particular part of the city. While the general press reports that every area is having problems it is not true and it would be wise to look at what is available and what properties are selling for prior to listing or making a purchase. Real estate is a long term investment and the future of real estate continues to look bright especially in beautiful Belmont Heights.
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