The number of Long Beach homes and condos currently for sale has dipped below 400 and currently sits at 385 today. For perspective, a year ago at this time there were 853 homes and condos for sale. More than double! And digging even a little farther back to 2011 we see that there were 1240 homes and condos. More than three times as much inventory as we are sitting on today. The amount of property in our great city has been chopped in half year over year for the last two years!
Buyers are certainly feeling the pinch with multiple offers and overbids. I have even seen the return of non-contingent offers. Buyers are removing appraisal and loan contingencies which we almost never recommend.
Sellers on the other hand are enjoying the sellers market. The good news is that as prices rise, every day another underwater home goes back to positive equity which increases the potential inventory pool. Certainly a unique market! Click the images below for a full size view.