You know this is a fair question as the real estate market continues to change. So if you own a condo, which many do, is there a market for the kind of property that you own? We believe the answer is still yes and that there are some great opportunities for both buyers of condos and the sellers. Now let's get into the data of what happened in May to see what is going on with long beach condos.
The statistics come from the long beach mls system that we use. So without further delay here we go!
- Number of Sold Condos: 19
- Number of Condos into Pending Status: 58
So what does all of this mean? Well of the 239 that sold last month only 19 were condos. That is 12.6% of the sold inventory for the month. 26.2% of the pending status properties were condos. This is a much better number. As interest rates continue to rise condos, which tend to be vastly more affordable, have appeal to them.
Condos for the short run appear to be not selling as fast as homes but their affordability is a great option for first time home buyers. So if you own a condo in Long Beach CA and you want to move up to a home it is probably a good time to do it. If you are worried about the price of your condo and want to sell just to sell make sure you get all the facts first!
