June 2020 Real Estate Market Stats – and 2 New Listings to Share with you!

Hi Everyone, and happy July and welcome to the second half of 2020!

June was an exciting month in real estate, and not just in our local market of southern California and Long Beach, but all over North America. Activity was way up compared to the previous month, and buyers were out in droves taking advantage of the crazy low interest rates and buying homes.

Why are they buying homes, you ask?

Well, in today’s environment, there’s almost nothing as sacred as a comfortable place to call home. For many of us, our home has become our workplace, our school, our movie theater, our restaurant, our bar, our hotel, and our sanctuary. One places great value on the residential property we call our home.

Today, I’m going to share with you some real estate stats for our area, Long Beach, California, in the month of June, then introduce 2 new listings in Long Beach for those of you looking to purchase a new property. So kick back, grab your coffee and a pastry, and read on.

June 2020 real estate stats for our area, Long Beach, California, in a nutshell:

Number of residential properties on the market (active listings): On Thursday July 2, 2020 as I’m writing this: 434 active listings, down slightly from a month ago on June 1 at 459, and very close to beginning of May at 438,  Inventory is tightening again, reflecting strong buyer confidence, buyers purchasing almost all the well priced homes on the market.

Number of residential properties that went under contract in June 2020: 301 vs 244 in May and 146 in April and 196 in March 2020 and 251 in February 2020 – significantly more homes went under contract in June compared to May, which was already up compared to April and March, and we have rebounded above and beyond pre-Covid February levels! 

This is the most exciting statistic we observed in June, and that was that the buyers were back with a vengeance, making offers and sellers were ready to accept them, at the levels we see in a normal spring market. We are clearly seeing a V-shaped recovery for new pending sales. An average of 10 homes a day went under contract in June 2020, vs only 8 homes a day in May and 5 homes a day in April.

This observation can be seen throughout Los Angeles county, the state of California, and the rest of the U.S., not just in Long Beach!

Number of residential properties that closed in June 2020: 247 homes closed in June, vs 163 that closed in May, 219 homes closed in April and 229 in March and 228 in February. Closings were higher in June vs previous months, but still not at a peak, as it is a lagging indicator, reflecting the low numbers of new pending sales in April.

Average price of property sold in Long Beach in June 2020: $662,701 vs $696,979 in May and $661,264 in April. Average sales dropped a little, but has stayed fairly stable if you look back at the last 3 to 6 months.

Conclusions

Overall, the real estate market in June was up in volume, as more buyers returned to the market, taking advantage of the low interest rate environment and making the move from renting to first time home ownership, or selling a  condo and buying a house. We did see less of a shift from people selling houses to purchasing luxury condos by the ocean. Overall, though, new pending sales in June of 2020 increased 23% from the previous month, and that was after going up 67% already in May vs April. Yes, you read that right – there is a dramatic increase in new pending sales over the last 2 months.

Without further delay, let me introduce 2 new listings I want to share with you in the city of Long Beach:

2459 Eucalyptus Ave, Long Beach 90806 – 4 bedroom 2 bath house – fully remodeled – $719,000

Welcome home to this gorgeously remodeled single story home in Wrigley neighborhood of Long Beach!

This 4 bedroom 2 bath home features central heat and air, updated kitchen and bathrooms, master suite, recessed lighting, hardwood floors, finished 2 car garage and big beautifully landscaped backyard.

Offered at $719,000.

Next Up – Luxury Penthouse Condo

411 W Seaside Way #1704, Long Beach 90802

Fully upgraded, newer construction, 2 bedroom, 2 bath, 2 large oversized balconies, 1400 SF, corner unit, full amenity building – $835,000

The photos really speak for themselves, don’t they?

If either of these new listings interest you, please don’t hesitate to give me or my office a call today.

We’ll be happy to arrange a personal showing, and/or send you our 3D virtual tour.

Happy 4th of July to you and be safe out there!

Nancy