As the news and the media keep pushing news about the failures and the economy one can only think that it is all doom and gloom out there. Let's see if there is a silver lining to all of the information that has been released by the major news media outlets.
So what kind of long beach sales happened in October? To be honest it looked pretty good for an October and looking at how everything was being reported it looks even better.
When we look at closings for a month or closed sales remember that those went into escrow 30 days or more prior to the month that they closed. So when we see a good month of homes or condos that sold it means that the previous month was where all of the real activity happened.
What kind of activity was going on in Long Beach?
In the chart above we listed what was happening as of the end of October in Long Beach. We wanted to make sure you could see what was happening in not just homes but in condos. We are only reporting on the residential market so let's take a look.
- Total Active Homes: 1,615
- Total Sold (Closed Sales): 298
- Homes Still available at the end of October:965
- Condos available at the end of October: 596
Normally we report on the months supply of inventory for homes and this month is no different although I caution everyone to look at it with a grain of salt. Based on the closed sales we have a 4.05 months supply of homes. It is not realistic though to assume that homes will continue to be sold at the pace of 298 sales every month.
We are coming into the slower months of the year (as far as sales go). This is the time of year where we have the most serious sellers and the most serious buyers. To be honest this is a great time to buy or sell because you have people willing to look and move during Thanksgiving and Christmas.
So what does the chart really tell us?
It tells me that people are still buying homes. There are buyers out there looking for the right property and if sellers have the right one, for the right price, and the right condition they are getting offers, sometimes multiple offers within 30 days of a listing.
How do you tell what the market activity is like for your neighborhood?
Our market snapshot tool will allow you to track exactly what is going on in your neighborhood. Just fill out the information in the right hand side of this page to get your very own market snapshot. We will even make sure you keep up to date on the market value of your home every month.
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