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| Villa Riviera, 800 E Ocean Blvd, Long Beach, CA 90802
According to PWR (Pacific West Association of Realtors), which cover southern california, halfway through 2016, residential real estate markets are performing as predicted at the beginning of the year. Sales and prices have been going up in most areas, while the number of homes for sale and total month's' supply of inventory have been going down. Meanwhile, many sellers have been getting a higher percentage of their asking price, and supply continues to struggle to meet demand. The message may be repetitive, but it is largely positive.
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New Listings were down 5.5 percent for Single Family homes but increased 1.7 percent for Townhouse-Condo properties. Pending Sales decreased 50.2 percent for Single Family homes and 44.5 percent for Townhouse-Condo properties.
The Median Sales Price was up 4.9 percent to $645,000 for Single Family homes and 5.2 percent to $405,000 for Townhouse-Condo properties. Months Supply of Inventory increased 5.9 percent for Single Family units and 10.7 percent for Townhouse-Condo units.
The national unemployment rate recently dropped 0.3 percent to 4.7 percent, but some states felt more of a pinch in their own figures. Similarly, the low inventory situation is showing signs of strain in markets where there are few homes for purchase. With an interest rate increase still in the cards this year, combined with the American political landscape and global economic events, a cooldown could occur by winter. Presently, however, summery growth prevails as many locales are reaching near-record prices not seen in more than a decade. Please See Long Beach Local Market Update for June 2016 . As you see, Single family, number of listing dropped 14% & Ave. sale price dropped 2.4%. Condo ? Townhomes, number of listing dropped 6% and Ave. sale price increase 2%. This is comparing June 2015 to June 2016.
The Median Sales Price was up 4.9 percent to $645,000 for Single Family homes and 5.2 percent to $405,000 for Townhouse-Condo properties. Months Supply of Inventory increased 5.9 percent for Single Family units and 10.7 percent for Townhouse-Condo units.
The national unemployment rate recently dropped 0.3 percent to 4.7 percent, but some states felt more of a pinch in their own figures. Similarly, the low inventory situation is showing signs of strain in markets where there are few homes for purchase. With an interest rate increase still in the cards this year, combined with the American political landscape and global economic events, a cooldown could occur by winter. Presently, however, summery growth prevails as many locales are reaching near-record prices not seen in more than a decade. Please See Long Beach Local Market Update for June 2016 . As you see, Single family, number of listing dropped 14% & Ave. sale price dropped 2.4%. Condo ? Townhomes, number of listing dropped 6% and Ave. sale price increase 2%. This is comparing June 2015 to June 2016.
