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Long Beach Homes for Sale Declining, Prices Rising

Long Beach single-family and condo listings fell for each month since January, says Nationwide Real Estate Executives.

Long Beach homeseekers may need to step up the pace of their house hunting with the number of homes on the market declining and prices increasing.

Active listings for Long Beach homes fell by 27 percent between January and February while the median home price rose by 17 percent from March 2012 to March 2013, according to Nationwide Real Estate Executives based in Buena Park, CA.

Last month, the median price of a Long Beach home rose to $379,500 compared to $324,000 in March 2012 and $310,000 in March 2011. With available homes declining, will prices continue to rise?

"I think it will keep going up through summer, but will start to decline around next winter," said Mark Jensen, investment property specialist with Nationwide.

Southern California home prices have recently been driven up in part by foreign investment, which nationally made up 8.8 percent of total residential market by dollar volume over the period March 2011 to March 2012, according to the National Association of Realtors.

Long Beach home sales for January increased by 18.6 percent year-over-year, then fell by 15 percent in February and 11 percent in March as inventory shrunk.

The average days on the market for Long Beach homes fell from 65 days in March 2012 to 37 days in March 2013.

Have you been looking for a home recently? What's been your experience? Tell us in the comments.

Phillip West April 07, 2013 at 04:47 AM
We moved back to Long Beach in July of last year, and rented an apartment in the Bixby Drive area. We had hoped to find and buy a smaller home (2bd & 2b) in the 90808, or 90713 area. We sold our home in Palm Springs and have 70 to 80k for downpayment and closing. So far we have not been able to close a deal on a home. We have been advised that we must pay over the asking price, use a local loan broker of the realtors choice, and lower our expectations. While we are not pleased renting, we are less enthusiastic about contributing to the ongoing housing bubble which like the previous one will surely burst. Meanwhile we will wait, invest our money, and keep our eye on the market. The collusion between the banks, the gov't, and the realtors is real, it is obvious, and it is working against the best interests of the middle class families just looking for somewhere to plant roots and bring up their families. Thanks for your time. Phillip West
Ric Dizon April 07, 2013 at 09:27 PM
Looking for a home in Long Beach, especially the last two month has been challenging for buyers. Phillip's comment is a common theme for those looking for a house you can afford in Long Beach. Is this a sellers market? Well, yes at this time and may be so throughout 2013. PHILLIP..thanks for sharing your comment and wish you success in finding your home in Long Beach.

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