As we head into the Memorial Day Long Weekend, I finally have some time to share with you the stats from last month, April 2021.
Let’s look at some statistics for those of us who like to put numbers to the stories we are hearing all around us (source: Infosparks, MLS) :
First, median prices for the entire Multiple Listing Service (MLS) for our area in Southern California:
April 2021 – $720,000 – compared with a month ago, March 2021 – $680,000; and a year ago, April 2020 – $565,000; and 2 years ago, April 2019 – $555,000.
That’s a 6% increase from last month, and a whopping 27% higher than this time last year, and 30% over 2 years ago’s median prices of homes in our Southern California MLS.
So you can see, in just the past YEAR of Covid-19, median prices in our regions, Southern California, has increased astronomically!
So no wonder our clients are very stressed in this market. This is likely nothing like we have ever experienced or seen before. This opening up this year and all the unique factors in the market are combining to cause this high demand and low supply that is increasing home prices in an extreme fashion.
How about specifically for the city of Long Beach, California? Median prices:
April 2021 – $675,000 compared to last month March 2021 – $657,750; and last year April 2020 – $615,000, and the year before that April 2019 – $550,000.
It looks from these numbers, in the city of Long Beach, median prices did not make as drastic a change up compared the other parts of Southern California, which have seen even higher price jumps. For the city of Long Beach, median prices appear to have increased 3% compared to last month, 10% from last year, and 23% from 2 years ago. Still a significant increase in Long Beach, but also perhaps a bargain for a beach city in Los Angeles county.
Where will prices go from here? We don’t have a crystal ball, and it depends on supply and demand, and interest rates, and what the next few months hold for us all. Where do you think things are headed?
Send me an email and share with me your thoughts.
I’ll share with your some May numbers as soon as I have them.
In the meantime, have a lovely Memorial Day Weekend!