What are the latest numbers from our local market? Despite all the uncertainty in the world right now, there is some positive news when it comes to real estate:
Right now, our area’s single-family home prices are up by an average of 19.5% year over year. Townhouse and condo prices rose by 12.7% over the last year. These are incredible gains.
Interest rates remain steady between 2.85% and 3% depending on your credit, what kind of loan you’re getting, and the down payment.
In August, we had 272 pending sales and 600 active listings in the Long Beach area alone, which is two months of supply. Typically, August and September are months where we’ve had a lot of leftover inventory from the summer, but since we had slower months during the usual beginning of the selling season, we’re seeing that carry through into the fall. We also usually have somewhere between 700 and 800 homes on the market during this time, which shows us that inventory is very low.
The average days on market is only nine days. That means if a property has been on the market for much more than a week, the seller was maybe a little too aggressive with their pricing and should come down a bit. Additionally, 377 new listings came on the market last month and in the last two weeks alone, 103 new listings came onto it. Of those, 55 went pending.
All in all, our market is very strong. If you’re thinking about making a move, now is a great time to do so.
Feel free to reach out to us with any questions you have! We’d love to help you.
