What happened in Long Beach in August? Well it looks like 258 homes and condos found new owners and that is a great way to end the summer for those sellers.
As always we want to look a little deeper into what this stats are showing us and sometimes what they aren't.
So we had 258 Sold which is a solid month of activity in the city of Long Beach. We also only have 1,577 properties in the city that are available for sale. This would put the supply of total residential properties at 6.11 months of inventory.
We calculate supply of homes as (Total number of Homes Available)/(Number of Homes Sold). In the calculation we make the assumption that no new homes would be listed for sale to come up with the inventory time frame.
Now does this mean we are back to a sellers market? Not really but in certain areas around town it does feel like. In certain parts of town homes are selling in 3 days and it is generally when they are more affordable.
I believe that the data shows that we have willing buyers to purchase homes as long as we have sellers who want to list and sell at a certain price.
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