Long Beach/Southern California Real Estate

While ADU units require local jurisdiction approval, i.e., city permits for example, the State of California loosened requirements as of January 1, 2020.  Now, the state has passed updated conditions to reduce the costs for developing ADUs, and to grant automatic approval with local limits for certain ADUs.  The standards below include most of the updated law.

Where formerly ADUs must be owner occupied on the site, that is no longer a requirement by cities or counties if permitted by 2025. Applications must be approved within 60 days, without a hearing or discretionary review.

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

You've probably noticed that open house signs are few and far between these days. 

Actually, public walk-in open houses are currently not allowed under statewide law in California.  If "open house" signs are posted, there must be an accompanying sign rider stating advance appointments only.  Showings can only be set by advance appointment, with a signed form provided in advance declaring the party is free of COVID-19 virus, digitally signed by the buyer's agent and the buying parties and sent in advance of the appointment to the listing agent.

This is the State guidance, but local area restrictions may be more restrictive, so in areas prohibiting all open houses, no open house signs should be seen at all.  When properties are shown by agents, masks and hand sanitizer must be used, the number of people in the house must be controlled practicing social distancing (usually one buying party at a time, and the buyer agent and listing agent).  The entry rules also apply to home inspectors  and other professionals who enter the property during escrow. 

The Rules for Entry should be posted near the main entry of the home.

We miss the public walk-in open houses, but yet if you were the seller, especially if still living in the property, you would most certainly want all necessary precautions followed.  It's really to the advantage of everyone.

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

The median price (same number above, same number below midpoint) lowered to $702,000 for a single family home in June, but this is well above December's $652,500.  The average days on market was significantly lower than December's:  25 days in June, although the overall housing supply for Long Beach increased to 2 months' worth (still low, however). 

The median price for a Long Beach condo in June was $398,000, average price $454,000--this varies greatly depending on size and neighborhood.  The average days on market increased to 39 days in June,  and the inventory has increased significantly to 3 months supply, about the same amount as last October. 

In the last 30 days, 158 single family homes sold in Long Beach, most selling in 30 days or less, and all except 4 sold within 90 days, including the million plus homes.  Most buyers are looking below $600,000, which means Wrigley, west side of Long Beach, some in California Heights and others in North Long Beach.  Belmont Heights is typically not below $700,000 right now.

Lakewood single family median price dropped a little, but at $630,000 is still higher than 2019, but only 39 houses closed escrow in the last 30 days!  Which means a serious inventory shortage in Lakewood, at 1.2 months supply!!  So anyone who wants to sell in Lakewood now, it's time to consider!!!  There are currently 91 in escrow, and only 30 active listings on the market there ($529000+ starting list price).  So there should be a higher number of future closings, but there's opportunity to sellers with only 30 active on the market.

Cerritos:  Only 20 houses closed escrow in the last 30 days.  Sales price starts at $600,000.  Currently there are 32 homes in escrow, and 17 active listings available, starting at $689,000 and up to $2.2 million.

No matter where we look, it's the same story, we need more listings, because there are buyers who want to buy. 

The part of the market that is taking longer to sell is the over $1million market, with 256 homes on the market at an average of 137 days on the market for homes in Rossmoor, Long Beach, Lakewood, Cerritos, Signal Hill and Huntington Beach market.  More are very recently coming on the market in the last few days, so if this is your price range, there's lots of opportunity here!!!

Have some questions?  go to http://www.juliahuntsman.com/FAQs.html.  If you'd like another answer, just get in touch with me.  I'll try to help!

Curious about what your home might sell for?  Let me know, I'll send you my professional estimate based on 25+ years as a Realtor.

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996