Residential, commercial and industrial real estate markets in Long Beach and throughout Los Angeles County continue to experience high demand, with both domestic and foreign investments in development projects ramping up.
Over the past few years, single-family housing in Long Beach and statewide has been in short supply and high demand – dynamics that seem to become more pronounced as the recession fades further into hindsight. As a result, sales prices of single-family homes continue to increase.
“I think we are still dealing with homeowners who have no desire to sell if they feel as though they can continue to recover equity that they may have lost during the Great Recession,” Robert Kleinhenz, economist and executive director of research for Los Angeles-based firm Beacon Economics, told the Business Journal. This may be a cause of the impaired inventory of homes in the county and the state, he noted.