Here’s how the Long Beach market is looking toward the end of summer.
Today I’m going to share some information about what’s going on in our market. We’re starting to see some slight changes.
The interest rate is still incredible, but we’re starting to see a drop in pending sales. I think there are a few factors that play into it. It seems like everyone is traveling while they can, so they’re less focused on buying a home.
But what we’ve seen is a drop of almost a third in pending sales. If this continues, this means we might see more inventory which would be refreshing for buyers who’ve been fighting the market for a while.
The average sales price has been steady for about two months but is still up 24% year over year. That’s great news for sellers — don’t let that drop in pending sales persuade you otherwise. We still only have 1.6 months of inventory, which is still very low.
Overall, it’s still a strong market for sellers, but maybe there’s a little bit of relief for buyers. If you have any questions about how this affects you or your plans, feel free to give me a call at 562-316-2915 or send an email to [email protected].