It’s that time again — for a Market Update! Today we’re focusing on Downtown in the 90802 area code, which includes all homes below 7th Street and to the west of Cherry Avenue. This section of Long Beach has transformed in the past few years into an artist/designer hub and center for great restaurants, music, and boutiques. And the area continues to grow. Plans for Yellow 108, Beachwood Brewery’s side project, and other unique businesses to move into a historic building on Long beach Blvd. are underway. The Federal Bar has opened it’s speak-easy-like bar The Federal Underground, and features local band night among other events. The Downtown Long Beach Association has begun the Pine Avenue Improvement Project to help bring back retail businesses, improve traffic flow, and make Pine even more accessible to pedestrians. And DOMA has even had a hand in the revitalization, remodeling the Masonic Temple at 230 Pine, the oldest building in Downtown Long Beach, and making it a beautiful events venue.
In terms of housing, Downtown is a mixture of historic single family homes, apartments, condos, and designer lofts. What’s great about this area is that it’s incredibly easy to walk anywhere, whether you live on Ocean Blvd or 7th Street. And this is what we consider to be one of the greatest aspects of the city: it’s small enough to be able to get around easily and feel a sense of community, but large enough to always have something new going on. Lets look at how the market preformed in April.
The numbers for April show us interesting trends. Single family homes spent less days on the market before being sold, and the median and average prices JUMPED from about $120,000 in April 2013 to about $390,000 in April of this year! Yes, you read that right. A +260% increase. We can tell you that the area is becoming more desirable, but these numbers prove it. These numbers are great for sellers and actually help inspire confidence in buyers, showing them that the properties in this area will increase in value. Overall the numbers are showing it’s a sellers market, with the number of new listings down and the “days on market” down. Less supply. More demand.
In the last year, the average price of condo sales has been steadily rising as well, with a +22% increase. Looking at the graph below, prices are even nearing those of 2009. In April the inventory of homes for sale was 16% more than this month last year. New listings are up. Pending sales are up. But in an interesting twist, homes were on the market 25% longer. What do you think? Are buyers being more discerning with a bigger variety to choose from?
HOMES FOR SALE
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