It’s amazing to think that a year ago March we had over twice as many listings on the market as there are today. There is currently a one and a half month supply of inventory. That means that is no other homes came on the market, it would take 45 days to sell all the homes in Long Beach. To put things into even more perspective, Long Beach has around 480,000 people. There are currently under 400 homes and condos to serve that size of population.
So what is happening as a result of our low inventory? Well there is some good news! The Zillow Home Value Index shows an increase of almost 10% in single family home values over the last year. This means that every day prices go up, another home owner is no longer upside down on their home. Many owners are finally able to sell their home after 6 years of being underwater. The negative side affect is that there is a lot of competition for existing inventory. We are seeing multiple offers, over bidding and even buyers paying over the appraised value as the market turns red hot.
It has never been more important to stay on top of the market conditions and understand what tactics are most successful to get offers accepted. It is also extremely important in making sure sellers can get the most amount of money out of their home with the least amount of problems during escrow.