Long Beach Real Estate Trends for Q1 2022, by Kate Nash.

Long Beach Real Estate Trends for Q1, 2022

By Kate Nash

The Long Beach housing market has been a popular real estate investment destination, and this does not appear to be changing anytime soon. The market for some time has been hotter than the national market, due to home prices, low mortgage rates, and low inventory. With the new year, the market has depicted only a few changes from the latest fourth quarter. It has been a seller’s market owning this situation to the pandemic outbreak.

MONTHLY INVENTORY SUPPLY

Long Beach Month supply inventory is at 0.8 months. The days in the market for SFH are 52 and 122 days for condominium homes which are both a decrease. The average time properties are on the market is 95 days a decrease of 9.1 percent indicating that demand for property in San Diego is still outpacing supply. San Diego is unquestionably a seller’s market, with no signs of a change soon. In Q4, inventories are likely to rise as more homeowners list their houses and new listings arrive.

HOME INVENTORY

Single-family homes have seen closed sales drop by 12.0 percent to 190 homes, while on the other hand, condos have recorded a 27.0 percent decrease with only 92 closed sales. New home listings for SFH have dropped by 13.4 to 116 homes. As for condos, new active homes are 52 depicting a 41.6 percent decline. The high rate of decline in these numbers is due to fewer home construction activities.

HOUSING PRICES

The single-family homes’ median price is up by 20.3 percent costing $907,500 while for condos the median price is $481,000 which is a 4.9 percent increase from the previous year. Typically, the median listing price for both single and condos homes have increased to $2,042,500 and $379,999 respectively. As mortgage rates and inventory are inversely linked to home prices, low mortgage rates and inventory have fueled the high prices. Despite the high prices, buyers have a lot of buying power because of the low mortgage rates.

MORTGAGE RATE

Like the rest of the real estate market, the Los Angeles mortgage rate is at a historic low of 3 percent. This is especially with the common 30 years fixed mortgage. The rates are predicted to slightly rise by the end of the year, implying that prices would likely slightly fall.

The market may be stabilizing, but it will continue to grow in the months ahead. While housing supply continues to outpace demand, mortgage rates remain historically low. This is a perfect time for a potential buyer or seller in Long Beach, in my opinion. All you need is the appropriate real estate partner. The best partner you can get is The Power Is Now Media Inc. Contact our professional VIP agent Kate Nash today for more.