As residents of Long Beach, we must say that the city seems to blossom in summer. There are so many great events (multiple every weekend and throughout the week) that make us feel a sense of gratitude towards this place we call home. From beach parties, movies on the beach, stroll n’ savor dates, beer gardens and art festivals, to the free concerts, bicycle drive-ins, and block parties, Long Beach is emblematic of what it feels like to be part of a community. At DOMA we encourage people to move here not only for the affordable beach housing and quaint neighborhoods, but because this city is more interconnected than most, and because we want you to be a part of it.
Numbers show the Long Beach real estate market becoming more desirable by the year. Average sales prices for single family homes jumped 4.1% in May 2014 compared to the same month last year. That’s a $21,000 increase! Over the last year the average sales price has increased 15.7%, or about $69,000. This is good news for sellers and a good indication for buyers that their investment will appreciate over time. Add on the city’s improvement plans to revitalize Pine Ave and the Bluff beach path, and you can expect the numbers to increase even more. Now is the time to buy if you’re in the market. However, we say it’s a seller’s market only because the trend year-to-date shows that homes are staying on the market for significantly less time, about 18.3% less time. Despite closed sales on single family homes being slightly down (for the month of May), buyers continue to buy more quickly.
The same holds true for condos and townhouses. They’re selling much much faster, about 31.4% faster than the year prior! Because condos in Long Beach range from $150,000 to over $1,000,000 we’re focused more on the median sales price (as opposed to average) which shows us that $274,500 is closer to what most buyers are buying at. Of course, the closer you get to the beach, you’ll notice that condos are more in the $300,000-$600,000 range. Buying a condo at any price is not a bad investment however, judging by the 30.7% increase in the median sales price over the past year.
HOMES FOR SALE:
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