The real estate market in Long Beach: It's a Buyer's Market!!
© May 2006 by Alain Silverston, Economist/Statistician and REALTOR® in Long Beach
1- Main indicators
April 2005 - January 2006 - April 2006 - 3 months increase - 1 year increase
Average listed residential price in Long Beach
$539,693 - $555,674 - $608,048 - +9.4% - +12.7%
Average sale residential price in Long Beach
$510,044 - $530,315 - $609,680 - +14.9% - +19.5%
Number of new listings
560 - 636 - 605 - (4.9%) - +8%
Number of sales
408 - 224 - 197
Average days on the market
31 - 49 - 53
We are now in a new real estate market in Long Beach, as in Los Angeles County.
Prices of real estate continue to grow in 2006, in Long Beach, and we reached an average price of $609,680 in April 2006. But the
growth is more moderate and erratic as illustrated by this first chart.
What is also very important is to notice that the growth of prices in Long Beach is back to a "normal" +10%, instead of the one
observed in the past, the peak of the market was reached in June 2004, as can be seen in the second chart.
Indeed the market is changing and is clearly now a buyers' market.
This very important change of the market could be illustrated by the number of sales in Long Beach. February (170) and April
(197) 2006 were some of the lowest numbers ever (at least, since they are collected by the MLS).
During the last 6 years, the average number of sales per month in Long Beach was 406.
This number fell to 284, in 2006, which means a 30% drop in sales per month!!!
A consequence is that the number of days on the market is now at a NORMAL pace and the frenzy, super hot market of two years
ago is now a distant memory. The current market is far more NORMAL and one that can be sustained and much easier on both
the buyer and the seller. It's finally the best time to buy here in Long Beach!!!
