A Look at the Housing Market in Long Beach

Downtown Long Beach
Creative Commons License photo credit: Paul!!!

The real estate market in Long Beach, California continues to improve. Current real estate market indicators in the area seem to support the opinion that the worst of the real estate problems in the area have passed. Although some of the recent improvements in the market can be attributed to the favorable tax credits that have been available; overall it seems that Long Beach is starting to turn the corner in the housing market.

As the country’s economic situation continues to improve, real estate is becoming more attractive and affordable to potential buyers. The overall rate of home sales in the area has remained positive, although the surge that was experienced at the end of 2009 has slowed somewhat. Overall, the Long Beach area did a fairly good job of maintaining its values, in spite of the recent economic factors, at least compared to some other areas in California. Lower priced homes continue to sell well, and bank owned foreclosures generally sell quickly in Long Beach. In fact, the number of properties that receive multiple offers is also rising. While it is still considered to be a buyer’s market in the Long Beach area, conditions are also improving for sellers. With foreclosures becoming less of an overall influence in the real estate market, conditions continue to improve for traditional sellers and resellers. Overall, real estate seems to have returned to its traditional role as a long term investment, with less of an emphasis on “get rich quick” investments. However, for those who have the ability to purchase, fix up, and quickly flip a home, opportunities to make money still exist in Long Beach.

The median price for homes in Long Beach is a little over $400k. This list price has gone up since the same time period last year, as has the overall number of home sales. Neighborhoods that are currently popular include Belmont Heights, Downtown Long Beach, Eastside, and Belmont Shore. The fact that homes are remaining on the market for fewer days as compared to last year is overall a good sign for the area’s real estate market. Additionally, the gap between list price and selling price has decreased over the past year, which is good news for sellers.