Real Estate Market Stats March 9, 2022

February 2022 Market Stats for Long Beach, California

February with all its holidays and game and festivities came and went in a blink of an eye – let’s see what happened in the real estate market in Long Beach, California during that time:

February 2022 real estate stats for our area, Long Beach, California, compared to 1 year ago February 2021:

Number of Active Listings: 315 – down from 440 last February (down 28%)

Pending Sales: 230, down from last year’s 318 (down 28%)

Median Sales Price of Homes Sold: $776,000, up from $677,500. Up almost $100,000 in a year (up 15%)

Average Sales Price of Homes Sold: $859,586, up over $100,000 from last year when it was $729,953 (up 18%)

Average Price per Square Foot Sold: $619, up from $544 per SF last year Feb (up 14%)

Average Days on Market for a Listing: 23, down from last year 33 (down 33%)

What does this all mean?

(1) Listing inventory is way down, almost 30% below last year’s inventory, when it was already low.

(2) Number of sales are down, because of the low inventory, and because of the high prices.

(3) Prices have increased, because of the low inventory, and the strong demand.

Where are the buyers coming from, and who are they?

One of the most frequently heard questions I get in my daily work is “Who are these buyers? Who has this kind of money?”

I can understand the sentiment as I am working through a 2 bedroom 1 bath listing I have that generated 16 offers. Over the weekend, the house got over 80 parties over 2 days of open house.

While many people blame investors and institutional buyers for generating this demand in properties, the people I see who are coming to our open houses and seeing the listings through private showings with their buyers are individuals, couples and families who want to buy a home to live in.

So as hard as it is to believe, the buyers are real people who want great homes to live in!

Conclusions and looking forward

Home prices are high and supply is low. What do you see happening in the future with our real estate market? Call me if you’d like to discuss your personal situation and how I can assist, whether you are in Long Beach or elsewhere in California.