Showing posts with label Single Family Homes. Show all posts
Showing posts with label Single Family Homes. Show all posts

12/22/2022

Long Beach Housing Market Profile for November 2022

Amazingly, the median and average single family prices are up over the rolling calculation 12 month period by 7% and 11%, respectively. Comparing November to November, however, the median price is down almost 4%, but the average sales price is up over 3%!  Yes, the year has been somewhat fractured, what with interest rates down, then up, then softening again most recently.

Although it may vary in individual neighborhoods and price points, the original list to sale price on a rolling 12 month basis was over 100% -- still!  But then comparing November to November, that figure shows sales prices were down almost 4% for the City as a whole.  

November Housing Stats for Long Beach CA

The picture for condominiums is similar, the 12 month rolling calcuation is up over 9%, the November to November comparison is down for median prices, still up slightly for the average condo price.

Long Beach condo pricing - November

 

 

 

 

 

 

 

 

 

Best wishes for a beautiful end of 2022 holiday celebration!





Julia Huntsman, REALTOR, Broker | http://www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

9/24/2022

Just Listed, South Wrigley Charmer in Long Beach


Front porch of Wrigley home
Sofa, hardwood  floors and fireplace
Living Room and fireplace

 

Update:  this property is listed as of 11/22/2022 for $720,000.  Best of this Wrigley neighborhood in Long Beach, this lovely home at 861 W 21st St is ideally located for those who need to commute to nearby Lakewood/Long Beach/

Backyard gazebo

Formal dining room and china cabinet

Los Angeles areas for work, or just want a very comfortable two-bedroom home.  Spacious back yard patio and gazebo with yard is ideal for entertainers or gardeners. Front xeroscaping is suitable for the environment, new driveway gate offers privacy and security. Art Deco styling is typical of the 1935 era, and newer plumbing is a maintenance asset. See it all at the MLS listing. Contact listing agent for more information, or visit my website below to see "featured properties" or open houses tab. List price at $740,000.  Find out more information for a $5000 grant for the buyer and qualifying for a special program.  Such programs may be helpful in buying down an interest rate, and saving money on the monthly mortgage!

Wrigley home with red front door, front porch, landscaping
 

Julia Huntsman, REALTOR, Broker | http://www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996


9/10/2021

Long Beach Residential Update for July, 2021

 

Median listing prices for active properties in Long Beach range from $425,000 to $1.4 million in July, 2021.   The least number of properties on the market are in the lower price range of under $500,000, most inventory is listed well over $600,000.  

About this graphic:  This graphic combines single family homes and condos into one median price point for the "active" properties for the month.  The median price is where half sold for more and half sold for less; medians are more typical than average prices.  The estimated monthly mortgage payment assumes a 30-year fixed-rate mortgage at the current interest rate. Payment also includes an assumption of 1.38% for property taxes and insurance.

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

7/30/2021

Long Beach Market Update for July, 2021

As of July 1st-30th, the number of single family homes sold in Long Beach totaled 192, price ranging from $375,000 to $6,600,000.  The MLS shows that 39 sold under list price, all others sold at or higher than original list price, some times significantly higher--in all price ranges.  

For instance, 420 Monrovia Ave., in Alamitos Heights area of Long Beach, was listed at $2,299,000, on 6/18, then increased in price to $2,499,000, then sold on 7/26/2021 at $2,400,000.  It went into escrow the same day it became active in the MLS.

3817 Albury was listed at $549,900, and closed at $605,000, after 2 days on the market. 

Similar stories of a  sold price of $50,000 increase over list price are not unusual. 

The median Long Beach sale price for July was $705,000, where median list price was $705,000 and the median sale price was $738, 750.  The Long Beach average list price was $696,293, average close price was $714,770 with an average of 13 days on the market.

Yes, there are some properties that have been on the market for quite a while, still waiting for a buyer.  The longest is 346 days for a multimillion asking price in the Naples area, but another one listed for $799,000 has been waiting for a buyer for 114 days as of July 30th.  Park Estate, Belmont Heights, Carson Park, all have a few listings that are waiting for a buyer, so not absolutely everything is selling in less than a week, although buyers should be prepared for moving quickly on most properties.

There were 113 condos that sold in the same time frame, with the majority selling over list price also. But the median price is $436,500, median sell price is $445,500, days on market 12.

If you are thinking of selling, or would like to evaluate your possible sell price at this time, please contact me via phone or email.  I look forward to hearing from you!

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

1/24/2020

2019 End of Year Single Family Home Activity for Los Angeles and Orange Counties

Los Angeles County 2019 Review for SFR

The thing to remember about statistics showing data drawn from December to December (as these diagrams show) is that the market is usually slower, lower, etc., at the end of the year compared to the middle of the year, so comparisons from December to the following August could show a little differently.

Sales volume is up in Los Angeles County, while the number of active listings is down, but the median and average home prices continue up--meaning that there's decreasing inventory with sales prices driven upward.

Closed Volume
  $7,812,678,480 | +27.4%;
Average Price
  $1,004,807 | +9.4%;
Active Listings:
  7,787 | -35.1%; (13,579 in June)

  

Orange County 2019 Review for SFR
In the meantime, in Orange County, sales volume is also up percentage wise, but the total dollar amount is approximately half of Los Angeles County (OC is about one-third the population of LA County).  The average single family home price compare in both counties.


Closed Volume
  $3,307,614,666 | +36.5%
Average Price
  $1,092,343 | +1.9%
Active Listings
  2,963 | -34.6%  (5,846 in June) 

Take note:  In both counties, months supply of inventory dropped over 35%, to less than 2 months, and at the peak in May, inventory supply was not over 4 months supply.  In both counties, houses sold within 2% of the original asking price, so overall housing market prices are holding steadily.

For an evaluation of your home, condo, or residential unit property, please contact me by phone, email or text for for information on your property.

Data provided by InfoSparks, CRMLS.

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

12/28/2019

Snapshot Market Review of Long Beach Nov. 2019

Long Beach in November
According to data from CAR, there were fewer active listings in November compared to one year before, but an increase in sales compared to one year before., and an increase in median price.  But there's also one-third of the active listings with reduced prices, suggesting that more sales occur from reduced prices! Although this chart doesn't reflect a breakdown, the higher priced luxury listings are lagging and are more likely to have price reductions,  compared to the non-luxury listings.

The Report for Los Angeles County shows similar trends: increase in home sales, increase in median price, decrease in active listings and similar percentage of inventory with reduced price.

Los Angeles County in November






Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

1/15/2019

Time to Update Your Home Appliances for Water Conservation

Jan. 1 2019 deadline
Do you live in a condo, or own a multi-family property built before 1994? Or are you improving or remodeling a property?  It's now time to make changes as of January 1, 2019.

Beginning in 2017, all single family homes were required in California to install water conserving plumbing fixtures, i.e., most commonly faucets, showerheads and toilets.

And what exactly are the requirements? SB407 puts it this way, so look for toilets (really, they've been on the market for a long time now) that are not more than 1.6 gpf, and so on:

“Noncompliant plumbing fixture” means any of the following:
(1) Any toilet manufactured to use more than 1.6 gallons of water per flush.
(2) Any urinal manufactured to use more than one gallon of water per flush.
(3) Any showerhead manufactured to have a flow capacity of more than 2.5 gallons of water per minute.
(4) Any interior faucet that emits more than 2.2 gallons of water per minute."

Here is the link to the law on plumbing fixtures replacement as passed in 2009 which set the deadlines and requirements for California properties:  SB 407

But what if you sell your condo or house and you haven't complied with the law yet? Just be aware that the seller must disclose to the best of his/her knowledge if such fixtures have or have not been installed.  The lack of such fixtures is not a condition of sale according to the law, but you will still be in violation of the law, and the buyer may really wish for the seller to take care of this before the close of escrow, it all  depends.

But considering years of water drought, and the necessity of cutting back on water usage throughout the state, it's really best to comply with the law--everyone has been given 10 years!!

Also, cities may have stricter standards than what the state requires, so check your local municipality, such as Los Angeles, San Francisco, and San Diego, which do have point of sale requirements.

At this point I'm not aware that Long Beach has more stringent requirements than the state.  The City is, however, offering a rebate if you give up your 1.6 gpf toilet and get a .8 gpf toilet http://www.lbwater.org/Rebates -- see a list to download on approved fixtures.  More information on the City's water program is currently on their website: http://www.lbwater.org/Residential%20Conservation

 See prior post:  2017 post on low-flow toilets

Lastly, for more complete information, I will be happy to share a complete up-to-date posting from California Association of Attorneys legal section about this law, to clarify any questions about how to negotiate with your buyer on this subject, and more.  Just call or email me with your specific question and contact information. If it turns out I think you're a non-California property owner in China, I'm probably not going to respond.☺

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

10/18/2017

California Housing Market Forecast for 2018

The 2018 California Association of Realtors Housing Market Forecast was released at this month's annual trade show. 

As low housing supply and affordability constraints continue, the 2018 California market is expected to have a "nominal increase" over 2017, up to 4.2% increase in median price, and mortgage rates for 30 yr fixed rate mortgage going to 4.3%.

The proposed tax reforms under the Trump Administration are projected to lead to fewer sales, by 3.4%, accompanied by a decline in home values due to homeowner reluctance to put house on market as homeownership advantages disappear for homebuyers.  The housing supply could drop by 1.5% in the first year if this tax reform is implemented.

At the present, however, the California median price continues to rise, with the statewide median price at $565,330.  This is still not up to the overall market peak in May of 2007 of $594,230.  Orange County, however, has exceed that peak price by 1.8%, the only area in Southern California to do so.  In the Bay Area, five counties have exceed the peak 2007 price by as much as 42% (San Francisco). 
Housing inventory has declined everywhere, with the most inventory in the multi-million dollar market.  The California housing turnover rate is less than the U.S. rate for single family homes--longtime homeowners are staying put for reasons including capital gains hits, and "where can I afford to go"?  Another housing supply problem are the number of single family homes converted to rentals, in San Francisco estimated to be between 400,000 and 700,000 homes formerly owner occupied but now rented.

Housing affordability in California is now at 29%, and 28% for Los Angeles County, 21% for Orange County. 
  • Median age for buyers - 45
  • Median age for sellers - 57
  • One-third of transactions sold above asking price, 6 out of 10 had multiple offers.
  • The majority of first time and repeat buyers are in Southern California.
  • Fewer international buyers, fewer buyers from China.
  • Net cash gain to sellers highest since 2006.
  • More sellers are moving out of California, but 38% are staying in the same county.
  • List to sell ratio in Southern California at 98.9%.
  • Lack of inventory considered one of the biggest challenges for the 2018 market, affordability another challenge.  Total sales are projected to be only 1% higher than 2017.
For the complete presentation pdf, go to http://www.juliahuntsman.com/market-trends-report.html, where, by the way, you can also search for your new home or get an estimated value report on your existing one.

9/30/2017

Average Selling Prices in Long Beach, Cerritos, Lakewood, and Orange County, August 2017




Prices are still going up, and here's what they look like locally.
For a single family detached home, the average prices in this group range from $579,687 to $1,019,768.

Overall the Los Angeles County average price for single family home is $905,787, a decrease from the previous month of $955,973.

All these prices are for the month of August, 2017, based on data from CRMLS.

Both Long Beach and Lakewood saw average price decreases from July, and Orange County is up slightly from July 2017, while Los Angeles County as a whole decreased from August's $955,973 in July.  San Bernardino County average has increased slightly since July, still under $360,000.

August 2017
Long Beach
$686,728 | +8.4%
Lakewood
$579,687 | +9.1%
Cerritos
$773,835 | +9.1%
Los Angeles County
$905,787 | +5.4%
San Bernardino County
$357,482 | +7.0%
Orange County
$
1,019,768 | +4.9%

This statistic show a mix of pricing, with Long Beach/Lakewood and Cerritos having less than 30 days on the market on average, approximately 2 months inventory, and closing within 1-2% of original price.

Keeping an eye on things
For an online and automated home valuation, try my site at http://www.juliahuntsman.com/home-evaluation.  It probably works more accurately for single family homes than condos in some areas, depending on what properties lie within about a one-mile radius.  Try it!  And I am always happy to do a more customized report to send out via e-mail.  If you're thinking about making a move, do it! It pays to keep an eye on things.


8/21/2017

Average Selling Prices in Long Beach, Cerritos, Lakewood, and Orange County, July 2017


 

Prices are still going up, and here's what they look like locally.

For a single family detached home, the average prices in this group range from $586,928 to $1,003,739, which represent increases between 1.3%-13.2% over June prices.

Overall the Los Angeles County average price for single family home is $956,939, an increase from the previous month (the median price is $610,000 for July).

All these prices are for the month of July, 2017, based on data from CRMLS.

Orange County as a whole has slowed to just over 1.3% from last month while Los Angeles County as a whole increased over 11% in July.  The areas with more lower priced homes (relatively speaking) are seeing bigger increases than Orange County, with overall higher priced homes, with a smaller percentage increase.
July 2017
Long Beach
$705,682 | +13.2%
Lakewood
$586,928 | +12.1%
Cerritos
$757,438 | +4.5%
Los Angeles County
$956,939 | +11.0%
San Bernardino County
$355,603 | +3.1%
Orange County
$1,003,739 | +1.3%

How much higher will things go?  Unknown, but as long as the interest rates are lower, and buyers are able to find sources for down payment funds, the end is not in sight according to many market experts.
If a buyer were interested in the average selling price of $350,000 for a house, then San Bernardino County (average at $355,000 in July) and the Inland Empire would be the place to search in Southern California, and Northern California in many counties, excluding the Bay Area, would hold some similar opportunities.

For an online and automated home valuation, try my site at http://www.juliahuntsman.com/home-evaluation.  It probably works more accurately for single family homes than condos in some areas, depending on what properties lie within about a one-mile radius.  Try it!  And I am always happy to do a more customized report to send out via e-mail.  If you're thinking about making a move, do it! The future is yours.

7/26/2017

Average Selling Prices in Long Beach, Cerritos, Lakewood, and Orange County, June 2017

Average Sales Prices chartLong Beach, Cerritos, Lakewood, Orange County prices
Prices are going up, and here's what they look like locally.  For a single family detached home, the average prices in this group range from $575,786 to $770,826, and for overall comparison to Orange County at over $1 million, they're obviously somewhat lower.  Overall Los Angeles County average price is $918,450 (the median price is $632,000 for June).  All these prices are for the month of June, 2017, based on data from CRMLS

One characteristic to note is that Orange County as a whole has increased just over 4%, Los Angeles County has a whole has increased over 9% in June.  The areas with more lower priced homes (relatively speaking) are seeing bigger increases than Orange County, with overall higher priced homes, with a smaller percentage increase.
How much higher will things go?  Unknown, but as long as the interest rates are lower, and buyers are able to find sources for down payment funds, the end is not in sight according to many market experts. The Federal Reserve, however, is expected to raise rates one more time this year.
"But while interest rates will increase to an estimated 5% by the end of 2018 and 6% by the end of 2019, most economists expect home price growth will also slow to between 2% and 4% once rates begin to rise."
If a buyer were interested in the average selling price of $350,000 for a house, then San Bernardino County and the Inland Empire would be the place to search in Southern California, and Northern California in many counties, excluding the Bay Area, would hold some similar opportunities.

For an online and automated home valuation, try my site at http://www.juliahuntsman.com/home-evaluation.  It probably works more accurately for single family homes than condos in some areas, depending on what properties lie within about a one-mile radius.  Try it!  And I am always happy to do a more customized report to send out via e-mail.  If you're thinking about making a move, do something besides stare.

Cat, Funny, Goofy Face, Animal, Cute, Pet, Feline

12/13/2016

October/November Prices in Long Beach, Lakewood, Cerritos, Seal Beach

Image may contain: tree, plant, sky, outdoor and nature
Happy December in Long Beach

In Los Angeles County, the median priced home in October, 2016 was $570,000 , up from $510,000 in October, 2015.

The current median single family home price is $513,520 for all of California, an increase of 7.3% statewide since the previous October. 

In the chart are median prices (the midpoint of all sales above and below that price) for Long Beach, Lakewood , Cerritos and Seal Beach single family homes from January 1, 2015 through December 13, 2016.  Seal Beach has decreased by 1.5% in that time; Cerritos has increased by 5%;  Lakewood has increased over 9% overall; Long Beach has increased 11%.


Current average price for a single family home - Long Beach $673,500; Cerritos - $706,453; Lakewood $5554,872; Seal Beach $951,544.
Average 2-bedroom condominium prices for all four cities range from $328,000 (Cerritos) to $391,000 (Long Beach). 

See the July post for prices



12/03/2015

Affordability in the California Housing Market

With the improvement in the California housing market since the "bottom of the market" in 2009, affordability has changed.

California's housing affordability index is at 29 percent, meaning 29 percent of California's homebuyers can afford the median-priced home of $487,420, which is a statewide figure.  The required income is just over $98,000.  To compare, 38 percent of the California population makes an annual income of $78,000 or more.  While not all single buyers may fit this profile, couples able to use both incomes to qualify are more likely to suceed, especially in the lower-priced condo market in certain cities.

In spite of this affordability declining over time, it appears to have stabilized in the 30% range.  Has it affected sales volume? Apparently not, because sales volume has increased 5.7% since the same time last year.
Downtown Long Beach

Will gradually increasing interest rates affect California's housing market?  Hopefully not, if the economy and labor markets continue to stabilize or grow.

What is the Long Beach median single family home price doing?  Here are the latest citywide figures:




 Long Beach condo price for the citywide median price of under $350,000
is posted below:

10/27/2014

Single Family Home Prices in Long Beach 90803 and the City of Long Beach

Single family home prices in the 90803 zip code (including Bluff Park, Belmont Shore, Naples, Belmont Heights) have, on average, ranged between $554,000 and $970,000 over the last three years. November 2011 and September 2014 are so far the two highest points on the scale. The majority of houses selling over $900,000 during 2014 in this zip code are mostly in Belmont Shore, next is The Peninsula, Bluff Park and the lower part of Belmont Heights.
MLS: RS1406706
A home in the price range may have 3 bedrooms, 2+ baths, about 2100 sq.ft. on the interior, was about 70-80 years old, and was typically on the market for about 80 days. The property at the right at 177 Glendora was actually on the market 203 days per CRMLS, and closed escrow on October 20, 2014 selling at $969,000.

If you would like more information about the value of your home in this area, or any other area, please contact me for an in-person or online valuation.  Online valuations are considered more general, but a reasonable estimate of value may be obtained by looking at similar sales within a certain range and size.   

9/20/2013

What Does Homeowner Insurance Cover, or Not Cover?

What does your homeowners insurance cover? 

The short answer is: A basic homeowners insurance policy (called HO-1 in insurance lingo) covers your home and possessions if they’re damaged or destroyed by these things:

Fire
Lightning
Windstorm (unless you live in a hurricane zone)
Hail (not available everywhere)
Explosion
Riots
Civil commotion
Aircraft (and things falling from aircraft)
Vehicles (and things thrown from vehicles)
Smoke
Vandalism (although some policies exclude this)
Malicious mischief
Theft
Volcanic eruption.

But many states don’t allow this basic policy to be sold. Instead, you have to buy an upgraded policy that covers more perils.

Upgraded Homeowners Insurance

That upgraded policy (called HO-2) adds protection to your home and possessions from even more perils. You get protection from everything on the HO-1 list (above) plus:

7/01/2013

In Long Beach, What Can You Buy Under $300,000?

There have been several articles talking about this price range in the last few years since the market downturn.  With both limited inventory, and an increase in the real estate market, there is a declining number of single family homes available under $300,000 in Long Beach, California.  There are 47 listings as of July 1 in this category, in various areas of Long Beach.  One of the best values in this range is really Windward Village, a secure planned unit development (PUD) park which offers open space and recreational facilities. 


Windward Village Home--Click on photo for info 
As of July 1, 2013 (check for any updated information) the home in the photo is listed in the MLS for $239,000, and at the listed 1600 sq. ft. for 2 bedrooms and 2 baths, is an unbelievable value. 

Windward Village homes may qualify for FHA, VA or conventional financing, and because it's a PUD, the new owner owns the land too.  Individual lot sizes vary from 2500 sq. ft to 3800 sq.ft., equal to or more than lot sizes in Belmont Shore.  While older models feature the carport style, newer models offer closed door garage parking.

Community Center

The complex has a 24-hour guard entry where all entrants are checked in by staff; there is a community center for activities and gatherings, an outdoor pool, grassy green areas, outdoor play areas for children, basketball  and tennis courts, car wash center, guest parking, and a putting green. For the unit shown above, the HOA dues are only $188/month.  Contrast that figure to the average condominium HOA fee of $250/month elsewhere in Long Beach, without all the recreational facilities.
Because these are manufactured home purchases, there are some differences from a regular single family home process which are normal to this type of purchase, such as the foundation system. But because it is a PUD and the owner owns their own land, there is absolutely no space rent, a monthly cost of $900 or more per month in similar complexes.

The common areas are very well kept with well-maintained and patrolled asphalt roads, and has the feel of a small single family residential community. It's a great opportunity while prices are still low, and nowhere else in Long Beach can you buy your own private home and have such advantages.

Please contact me about this complex!


6/27/2011

Looking for a Home Plus Guest Quarters Under $350,000? It's Here!

This upgraded and remodeled single family home the Circle Area of Long Beach has a lot of advantages for a new homebuyer because there's so little work to do! 
Who wouldn't want the upgraded bathroom, and the new kitchen with granite counters and recessed lighting, complete with the cooktop range with downdraft feature? Hardwood floors, dual-paned windows and a roof (2005) in geat condition help a new buyer get settled quickly. 

Verizon FiOS is already installed for state-of-the-art connections.
The nicely landscaped yard is completely enclosed, and patio areas are paved with Saltillo tiles. The side yard is good for play area or a dog run.  And, though it's not permitted, there are additional guest quarters of approximately 175 sq. ft. with bathroom which makes a great office space or a third bedroom also!
Two-car garage with laundry hookups. For current listing price for 3100 Spaulding St.,  See listing here..
Please call me for more info!  Julia Huntsman, Broker, Lic #1188996

Note:  This listing is off market.
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