Aera715, Other/Just Looking in Long Beach, CA

What's the average turnaround time when the property is up for sale to the time it gets sold in this current market?

Asked by Aera715, Long Beach, CA Tue Aug 28, 2012

Help the community by answering this question:


The time-frame for a listing to be listed and have an accepted offer can vary greatly depending on the price range of the home. Most properties I deal with ($350,000- $600,000) are sold within 2 weeks and additional time for escrow. 3 recent listings of our sold in less than a week.
1 vote Thank Flag Link Tue Aug 28, 2012
Hello Aera715 in Long Beach.
If the property is priced right in this market it will have multiple offers. 30-45 days financed, unless it's a cash offer than 12-15 days.

Lesley Harris, Realtor
(562) 673-0943
0 votes Thank Flag Link Thu Aug 30, 2012
Today's market place is not a buyers market but a sellers market. Why? Lack of inventory! Banks are delaying placing homes on the market for sale which they now own after foreclosing upon the previous owner. Sellers are on the fence waiting to list their home once prices begin to move higher, and due to the low interest rates and comfortable home prices out there, the flood gates have opened with many many buyers seeking a home to buy.

There are even deeper data and reasoning behind where we are market wise which would take way to long to write. But as I shared earlier in order to keep it simple remove the clutter, look at the numbers and you can see the big picture which is why investors are making a killing right now.

And answer to days on market average is based on the "" question detail info which reads "Lakewood Village." The key is not to over think. The key is to select the right agent who is a professional and in the trenches day in and day out who can guide you properly based on your personal needs and budget.
0 votes Thank Flag Link Wed Aug 29, 2012
Hi Aera,
There are homes that still sit because they're overpriced or have a poor location and/or condition. But for homes that are well priced, the answer is yes, you have to make an offer quickly because many homes are selling with multiple offers and getting bid well above the list price. We just closed a home in the Bixby Terrace area of Long Beach that sold for $85,000 above list price! Before you make an offer, have a Realtor prepare an analysis of comparable sales so you have a good idea of what the home's value is.

Although interest rates and prices are very attractive for buyers right now, we are definitely not in a buyer's market. The lack of inventory and high demand means that we're in a seller's market. That can be frustrating for buyers.

If you need any assistance figuring out the current market and finding a home, please let me know. I'd be happy to help.

Shannon Jones
Keller Williams Realty
Web Reference:
0 votes Thank Flag Link Wed Aug 29, 2012
If the property is fully upgraded, priced right, good location, usually @45 days, for standard sale.
The inventory is so low right now, lots of agents and sellers are pricing the homes high.
When you see one that is priced low, move in condition, fully opgraded or even with a little TLC
usually theirs bidding going on. If you're selling that's what we call sellers advantage. For buyers especially Fha usually you're a disadvantaged because there's lots of conventional buyers and even cash buyers that are just waiting for the right location, right house, etc.
If you're a buyer, what you can do right now is get pre-qualified, save up some down payment, talk to a Realtor and start your search.
Good Luck!

0 votes Thank Flag Link Wed Aug 29, 2012
So basically if i was ready to buy a home i really have to make a quick offer if i like the house. Im curious to know how many offers and how much higher a house was sold frim listing price. I thought right now is a buyers market and theres more inve tiry out there. Seems like himes are selling fairly quickly from time is listed to time an offer has been accepted. Thanks everyone for your inputs.
0 votes Thank Flag Link Wed Aug 29, 2012
One quick clarification regarding some of the answers you've received... the DOM (days on market) shown in the MLS is NOT an accurate reflection of the average time on the market because many agents don't report listings as "backup" or "pending" status when an offer is accepted. Particularly with short sales, it's relatively common for agents to leave a listing in "active" status after an offer has been accepted, only changing it after the bank has approved the short sale. That skews the DOM numbers if you're trying to gauge how long it takes for the seller to actually receive and accept an offer.
0 votes Thank Flag Link Wed Aug 29, 2012
Depends on the market: area, price and condition of the property, type of sale( short sale, regular, etc.).
For example: here are some local Statistics:
Encino( one of my areas):
July: 880,000( Median Sales Price) 6( houses sold) 95(DOM)
June: 1,033,500 10 45
May: 1,085,000 7 103

While Lake Balboa( close to Encino city, N of 101)
July: 298,000 ( Median Sales Price) 1 59(DOM)
June: 357,500 4 71
May: 340,000 1 13

What area you are interested in?
0 votes Thank Flag Link Wed Aug 29, 2012
Hi Aera715,

To answer your question: During the month of May it took an average of 43 days for a seller to find a buyer for their home. During the month of June it took an average of 35 days to find a buyer for a listed home.

Now averages can be deceiving and one needs to filter out data which can be looked at as not normal. This can be done easily by one who is familiar with not only the neighborhood or city, but the trends in the real estate market place.

Each of the agent's responses has value, but to keep it simple the numbers listed above are fairly clear. The month of July is not mentioned here for only one home closed during that time which would not provide you an accurate estimate of days on market prior to finding a buyer.

Please note there is a difference, as brought up here by an agent, between how long it took to find a buyer and how long it took to "Close Escrow" after the seller found a buyer. That is a different story in itself.

Hope this helps you out!
0 votes Thank Flag Link Tue Aug 28, 2012
Hello Aera715,
That is a great question, but the turnaround time depends on a number of factors. It can be 45 days or 90+ days depending on the property conidition, area and other factors (i.e. short sale, foreclosure, etc). Are you looking to sell or buy a property? Please feel free to email me if I can be of any assistance.

Best regards,
DJ Bonner
Keller Williams Realty
0 votes Thank Flag Link Tue Aug 28, 2012
It depends on the type of sale (regular sale, equity sale, or short sale) as well as the location, condition, price point & pricing strategy that the seller selects as well as the marketing exposure. Does the Realtor put it in the MLS with one picture or expose it online with 25 pictures and a virtual tour, etc? Because the inventory overall is low throughout most of Long Beach and Lakewood, homes that are priced appropriately are usually going under contract within the first week or two -- especially if they are "regular" or "equity" sales. The typical escrow period is then 30 to 45 days. And if you're dealing with a short sale, you need to add in time for negotiating bank approval -- typically 30 to 60 days, but sometimes much longer.

If you want to check out what's going on with the market in various areas in Long Beach, go to:
(It will allow you to compare and contrast from multiple areas.
Web Reference:
0 votes Thank Flag Link Tue Aug 28, 2012
Hello Aera,

In this "current" market homes are going from listed to pending sale in a matter of days.
(Providing the home is priced right)

Now, once it is a pending sale (in escrow) It can take 15 days (for cas hsales) to 45 days for sales with financing for the deal to actually close.

Kawain Payne, Realtor
0 votes Thank Flag Link Tue Aug 28, 2012
You can view all the latest Lakewood stats here:

In Lakewood in general, the average days on markets ("DOM") was 93 days for the month of July for Single Family homes, up 14% from last year's 83 days at this same time.

But... I can tell you in Lakewood Park specifically everything is going into multiple offers quickly (1-2 weeks, if not 1-5 days) right now...
0 votes Thank Flag Link Tue Aug 28, 2012
If you are including escrow time and it is a conventional loan; I would say about 45 days. 15 days before you accept an offer and 30 days for escrow.
If it is cash, short sale or reo it could vary...
0 votes Thank Flag Link Tue Aug 28, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer