January 2018 Monthly Snapshot Long Beach

Last year, U.S. consumers seemed to be operating with a renewed but cautious optimism. The stock market was strong, wages were edging upwards and home buying activity was extremely competitive. Not much has changed in 2018 in terms of those measures, yet there is a sort of seasoned prudence mixed into the high emotions that go with a major expense like a home purchase. We are now several years deep into a period of rising prices and low inventory. Those in the market to buy a home have caught on. As sellers attempt take advantage of rising prices, expect buyers to be more selective. New Listings were down 4.0 percent for Single Family homes and 5.2 percent for Townhouse-Condo properties. Pending Sales decreased 40.0 percent for Single Family homes and 48.6 percent for Townhouse-Condo properties. The Median Sales Price was up 6.7 percent to $667,000 for Single Family homes and 13.6 percent to $449,950 for Townhouse-Condo properties. Months Supply of Inventory decreased 12.5 percent for Single Family units and 5.6 percent for Townhouse-Condo units. Whatever external forces are placed upon residential real estate markets across the country – whether they are related to tax legislation, mortgage rates, employment situation changes, new family formations, the availability of new construction and the like – the appetite for home buying remains strong enough to drive prices upward in virtually all markets across the country. New sales are not necessarily following that trend, but monthly increases are expected until at least late summer.

Monthly Snapshot

- 7.1%       + 5.1%      - 8.2% 

One-Year Change in   One-Year Change in   One-Year Change in

 Closed Sales            Median Sales Price          Homes for Sale