Long Beach Real Estate Market Forecast 2020

LOS ANGELES - April 9, 2020 - PRLog -- Per Christiano Sampaio, Broker/Owner of Loftway, a prominent Los Angeles Real Estate Firm," Currently, the median list price stands at $599,000, with a median sales price of $558,400.
This represents 93 percent or just 7 percent below the median list price in the area. Such a figure helps to explain why this is a seller's market. Additionally, only about 11 percent of homes listed for sale have had to drop their asking price, another indicator of a hot market. What's more, the average days on the market is just 74, also signifying an active market.

At this time, households with negative equity, or underwater mortgages, stand at about 5.1 percent, which is below the national figure of 8.2 percent. Also, just 0.6 percent of all households in the Long Beach area is delinquent or behind in their mortgages, about half of the national number of 1.1 percent.

Presently, there is not enough statistical data to represent the number of distressed properties, which consists of short sales and foreclosures. This additionally helps to propel the market, as the absence of short sale and foreclosure units makes for a more healthy market, mostly free of non-traditional listings that would otherwise depress traditional homes for sale.

The Long Beach California residential real estate market has experienced a long-running seller's market environment, and that will likely not change in the near or even distant future. Due to the high demand for inventory, along with historically low-interest rates, and historically high rates of employment and new job availability, all but guarantees the trend to stay the same through the remainder of the year. Unless there is a substantial shift in market dynamics, the real estate landscape will remain the same. Loftway is a full-service Real Estate brokerage dedicated to LOFTS and ARCHITECTURAL homes in the Los Angeles area.
When it's time to move forward with buying a loft, be sure to contact www.loftway.com, the premier Los Angeles Loft sales company.