Join us as we delve into the December 2023 update, exploring key insights, statistics, and forecasts that offer valuable guidance for those navigating the vibrant real estate scene in Long Beach.
Overview of Market Trends
The Long Beach real estate market remains robust, characterized by a blend of stability and evolution. Throughout 2023, demand for residential properties has remained strong, with a balance between supply and demand in various neighborhoods. The market continues to adapt to changing preferences, evolving lifestyles, and economic influences, shaping the trajectory of buying and selling patterns. Long Beach is still a Sellers Housing Marketing, so prices are averaging higher and homes, in general, are selling quickly.
Numbers at a Glance
Compared to last year, Long Beach homes have sold for 2.2% less.
Median Sold Price:
$772,314; $604/sqft
Difference since November 2022 is -$17,106 (-2.2%)
Housing Supply:
October 2023: 626
November 2023: 603
Change: -3.7%
Homes Sold:
October 2023: 164
November 2023: 147
Change: -10.4%
Asking Price vs. Sold Price:
53 - Sold Under Asking
22 - Sold At Asking
72 - Sold Over Asking
Home Sale Times:
98 - Sold Under 30 Days
42 - Sold In 30 Days
7 - Sold Over 90 Days
City-Wide Stats
By Zip Code
Home Prices and Appreciation
One of the notable trends in 2023 has been the continued appreciation of home prices across different segments of the market. The median home prices have shown steady growth, reflecting the desirability of Long Beach as a place to live, work, and invest. Sellers continue to benefit from a competitive market, while buyers navigate challenges amid rising prices and limited inventory.
Shifts in Inventory and Housing Supply
The availability of housing inventory has been a focal point in the market dynamics. Throughout the year, there has been a trend of limited inventory, creating a competitive landscape for buyers. The supply shortage has influenced multiple-offer situations and, in some cases, prompted quicker decision-making among prospective buyers.
Interest Rates and Mortgage Trends
Interest rates have experienced slight fluctuations throughout the year, impacting buyer affordability. While rates have remained relatively low, the anticipation of potential increases has prompted some buyers to expedite their purchasing decisions, aiming to lock in favorable mortgage terms.
Local Neighborhood Insights
Different neighborhoods within Long Beach have exhibited varying trends and patterns. From the bustling urban centers to the serene waterfront communities, each area showcases unique market dynamics. Neighborhoods like Belmont Shore, Naples Island, and Bixby Knolls continue to attract buyers with their distinct charm and amenities.
Forecast and Predictions
Looking ahead to 2024, experts anticipate a continuation of the current trends, albeit with potential adjustments influenced by economic factors, interest rate changes, and market conditions. The market is expected to maintain its vitality, with continued demand for homes in Long Beach driven by its coastal allure and diverse offerings.
Navigating the Market
For buyers and sellers alike, understanding these market trends is crucial when making informed decisions. Partnering with a knowledgeable and experienced real estate agent who understands the nuances of the Long Beach market can provide invaluable guidance and support throughout the buying or selling process.
Conclusion
The December 2023 update for the Long Beach real estate market underscores its resilience and adaptability. As the year draws to a close, the market continues to offer opportunities and challenges for those looking to buy, sell, or invest in this vibrant coastal city.
