Have you ever heard the phrase that "Real Estate is local"? I have heard it so many times it isn't even funny yet it doesn't make sense until you start to look at what is actually happening. As part of my Saturday morning running club someone mentioned that property values were down by 35% and that they were falling at a rate of 1%! They asked if this was true from my brother and I. I mentioned to him that it really depended on the area of Long Beach that you were in. So let's take a look at two areas of the city that have not seen massive damage to their values. We are going to look at the areas of Belmont Shore and Naples. The data below is for single family homes in Belmont Shore and Naples in Long Beach.
- Active Homes for Sale: 129
- Properties in Escrow: 26 (15 in Pending, 11 in escrow)
- Average list price of homes currently for sale: 1,354,000
- Average Configuration: 3 bedrooms, 2.75 bathrooms and just over 2,200 sqft
So this means what exactly? Well it means that we have a 4.96 month supply of homes in Naples and Belmont Shore. Anthing under 6 months is considered a sellers market. In this area of Long Beach you don't really have many homes to choose from. Buyers can be selective but they will not be negotiating large discounts on properties unless their is some overriding factors wrong with the property.
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