Here we are! End of 1st quarter of 2017, and Happy Spring! Today, I’m going to simplify the Market Stats from here and not divide up all the data by price points, and instead just look at overall Actives, Pendings, and Solds in our area of Long Beach and Lakewood. So without further delay, let’s look at the market stats.
On March 31, 2017, 458 residential homes are listed active for sale in all of Long Beach and Lakewood, California, up only slightly from 449 last month, down from 483 on February 1. Inventory in our area is still significantly down from 564 at the beginning of the December 2016 and 682 just 5 months ago today, showing tight, tight supply continuing, and strong buyer demand chewing up that supply on a daily basis!
In the month of March 2017, 334 homes sold/closed escrow in Long Beach and Lakewood, California, way up from February’s closes of 234 and January’s closes of 265. For reference, in December last year, 386 closed and in November 342 closed. That shows we are back up in closings after a seasonally appropriate slower January and February.
This means we now have only a 1.4 month supply of inventory (down from last month’s 1.9).
A further new statistic I have added to track starting this year is the number of Pending Sales and Homes Under Contract, also sometimes called the Absorption Rate. That number of Pending Sales and Homes Under Contract today on March 31 for the area Long Beach and Lakewood is 534, up from 469 at the beginning of March, and up from 416 two months ago.
Wow! That means the absorption rate is at a greater than 1:1 ratio – more pendings than actives – showing that homes are being absorbed faster than they are coming on the market!
That is the numerical proof of what you are experiencing in the marketplace right now – multiple offers on properties with many disappointed buyers – because the absorption of property is higher than the supply coming onto the market.
Therefore, we have a SELLER’S MARKET with in All-Caps. The Spring buying season is here. Properties are looking good, roses are blooming, the grass is green, the sun is shining but it’s not hot, and I am actively seeking new listings to sell because all of mine have just sold!
Therefore, don’t hesitate – call me today! Have a professional on your side to guide you through this market – and get the most for your property while I help you to get into your next one smoothly: call/text 310-739-8272 or email me at NancyD@century21masters.com.