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Distressed sales are still a factor in the current real estate market in Long Beach, California

Foreclosures and short sales are still predominant factors in the Long Beach, California real estate market at the end of July 2010. 1107 single family homes sold in Long Beach in the last 6 months with an average sales price of $$416,756 in 71 days on average according to the Multiple Listing Service. 198 of the single family homes sold in the past 6 months were short sales and 276 were reos for a total of 43% distressed sales in the last 6 months.

Distressed sales of condos and townhomes are the majority of sales in Long Beach in the last 6 months.

533 Long Beach condos and townhomes have sold in the past 6 months at an average sales price of 236,395 in 90 days on average. 194 of the condos sold in the last 6 months were reos and 148 were short sales, with 64% of the sales being distressed.

There are 446 Long Beach condos and townhomes on the market currently and of those 193 are short sales and 57 are bank owned. 56% of the condos currently on the market are distressed.

Distressed sales in the past 6 months total 49% of both condos/townhomes and single family homes together and the current inventory on the market total consists of 47% distressed sales for both.

The summer Long Beach selling season shows there are still many distressed properties for sale and depending on the area, the inventory for buyers is up somewhat and so is sales volume. The current trend is an increasing number of short sales which are taking on average 139 days to close.

 

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