The most popular states to which people from the Golden State flee are Texas (according to recent census figures, about 82,000 Californians ended up in that state), followed by Arizona (59,000), Nevada (47,000), Washington (46,000) and Oregon (38,000).
Last year’s most expensive home went for $4.45 million, while this year’s highest price paid was $7.25 million.
Houses are virtually flying off the shelves in the East Long Beach real estate market, according to area Realtors, who are seeing homes sell quickly, and often for more than their listing price.
CAR is forecasting a modest increase in existing single-family home sales of 3.3% next year to reach 392,510 units, up from the projected 2020 sales figure of 380,060.
Despite the economic woes brought on by COVID-19, including historically high unemployment, a mixture of assistance programs has kept renters in their homes, stalling any major impacts to the multifamily market.
Construction continues on multiple developments across Long Beach, but the coronavirus pandemic has delayed or put many projects on hold—and even caused at least one prominent project, a student housing tower, to be scrapped.
The developer of the Long Beach Civic Center mid-block project—a massive mixed-use development slated for the site of the old city hall building—has pulled out of the project due to economic uncertainty brought on by the pandemic.
One reason for people listing their homes now, or are in the market for a new house, is simply that because of stay at home orders and more people choosing to stay and/or work at home, paired with the relative inability to travel to any real extent, people are getting sick of their current residences.
In a moment of real-estate hilarity, the Redfin listing of the house referred to it as a “Hot Home.” That’s just cruel, guys.
“Attendance at open houses was normal to heavy. But I’d expect that to go down,” Phil Jones said, now that the health situation is continuing to grow more dire by the day.