Understanding How the LBI Real Estate Market Evolves on Long Beach Island.
Long Beach Island NJ and the LBI Real Estate Market
The LBI real estate market on Long Beach Island New Jersey involves the sale and rental of single family homes, condominiums, duplexes, vacant land, storm damaged homes, commercial real estate and even timeshares. The LBI real estate market is directly responsible for the housing that provides families with the ability to visit Long Beach Island during the summer months and partake in all the fun that LBI can offer. It is this summer fun that entices many to consider buying in the LBI real estate market both for their own personal enjoyment and also for the potential for investment. Before engaging in any real estate transaction on Long Beach Island as either a buyer or seller it is important to have an understanding of the Inventory of Homes for Sale on Long Beach Island NJ in the LBI real estate market.
Inventory of Homes for Sale on Long Beach Island NJ
The following is a break down of new listings, price changes, contracts written and closings for July, August and September in 2012 and 2013:
LBI Real Estate Statistics for July, August and September 2012
- 313 new listings entered the LBI real estate market
- There were 273 price reductions in the LBI real estate market
- 168 properties went “under contract” on Long Beach Island
- There were 122 closed Long Beach Island real estate transactions
For the same time period in 2013 the number are broken down as follows:
- 367 new listings entered the LBI real estate market
- There were 302 price reductions in the LBI real estate market
- 136 properties went “under contract” on Long Beach Island
- There were 118 closed Long Beach Island real estate transactions
A comparison of the two years is very telling. There were more homes listed for sale over the summer months in 2013 as compared to 2012 however there were fewer homes that went under contract and marginally fewer closings despite the fact that there were more price reductions. This is useful information for both buyers and sellers. Buyers can bid more confidently knowing that the market has produced more inventory while seeing about the same amount of closings. Therefore, the conclusion may be made that the LBI real estate market is still a “buyer’s market” in that Inventory of Homes for Sale on Long Beach Island NJ outweighs demand. Sellers can also draw useful information from the data. While more homes came on the market in 2013 over 2012, the number of closings is about the same (122 in 2012 vs. 118 in 2013). What sellers must be aware of is that an offer made should be considered and negotiated. Furthermore, with more homes on the market and with more price reductions having taken place, it is important to list your property at the correct price so as to attract the more attention. The buyer or seller with the most information and the best understanding of the Inventory of Homes for Sale on Long Beach Island NJ will almost always have the “leg up” in negotiations.
Buying and Selling in the LBI NJ Real Estate Market on Long Beach Island New Jersey
Buying and selling in the LBI NJ real estate market requires an careful understanding of the market dynamics, comparable sales and the current trends in the LBI real estate market. Part of this is understanding the Inventory of Homes for Sale on Long Beach Island NJ so you can use this information when working on buying and selling on LBI. For more information about the Long Beach Island real estate market and the Inventory of Homes for Sale on Long Beach Island NJ please do not hesitate to contact me, Nathan Colmer, and I will be happy to help!
Nathan Colmer | The Van Dyk Group
Cell: 609.290.4293 : Toll Free: 800.222.0131 : Email: email@example.com
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