A resident of Long Beach since 1982, Mike has witnessed the growth of the various residential areas and is considered an expert on the growing and diverse areas of Long Beach.Clients appreciate his knowledge of the market, as well as his ability to negotiate favorable outcomes in buying or selling. His dedication, honest and trustworthy approach has created lasting relationships.
Mike is a graduate of CSU Long Beach with a major in Accounting and is currently enrolled in Law School with emphasis on Real Estate Law. Clients appreciate his discretion and business insights.
Here is your Quick Market Update …
The public has finally grown used to talk of a real estate market in recovery. With prices going up, people are starting to wonder if a new bubble is forming. Most metropolitan markets are somewhere between recovery and normalization. Supply is still tight but improving in some areas. What housing really needs is further job and wage growth to support healthy demand levels fueled by new household formations.
New Listings were down 4.2 percent for Single Family homes but increased 9.3 percent for Townhouse-Condo properties. Pending Sales increased 4.1 percent for Single Family homes and 7.4 percent for Townhouse-Condo properties. The Median Sales Price was up 6.8 percent to $550,000 for Single Family homes and 9.5 percent to $350,000 for Townhouse-Condo properties. Months Supply of Inventory increased 8.7 percent for Single Family units and 30.0 percent for Townhouse-Condo units.
April’s job growth was above expectations. Growth is likely to accelerate through the year, but the types of jobs being created is also important. We’re producing more low-wage jobs as opposed to high-wage jobs. That’s not conducive to increasing the number of potential buyers. It also means less disposable income sloshing around. Even so, some local markets may pause but are unlikely to falter thanks to suppressed supply levels and an improving sales mix. Don’t confuse temporarily weak demand indicators for stagnation.