Despite the fact that the media is overly negative on the housing market, there is still some wonderful activity here in the Long Beach market. With currently just 1,795 available homes and condos throughout the city we don't have as much inventory available as even a few months ago. With 112 sales occuring in February properties are moving, but which ones?
I won't paint a rosy picture as sales have slowed, but I thought it would be appropriate to mention what activity is occuring in the market place.
- Open Houses Near the Beach - Homes in Belmont Shore and Belmont Heights are still getting attention. With limited inventory under $1,000,000 (just 35 homes in Belmont Heights) buyers have been looking to find that right home. In 1 open house on Mira Mar this past weekend there were over 130 buyers through in a 2 day period (6 hours total of having the house open), now that is some activity!
- Entry Level Condos - Condos for the first time buyer that are in good condition are still not easy to get your hands on. In one instance in the past week a buyer actually lost on 3 different condos due to the fact there were multiple offers. This occurs particularly on condos under $300,000. There are still choices available in Downtown Long Beach, Bixby Knolls and more, but if you don't want to wait for a short sale your options will be smaller in number.
- Foreclosures - Although the media paints a picture of abundant foreclosures we aren't seeing them in every area. In particular neighborhoods like the Westside and North Long Beach we generally have more available than in areas like the Plaza. Foreclosures have provided for some great opportunities but act quickly as they are generally priced aggressively and don't last long. Right now they account for just about 5-7% of the total market.
With aggressive interest rates and some pricing pressure you can certainlly find the deal for you using the Long Beach MLS or contacting your Long Beach real estate agent. Have fun finding the property for you!
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