Five Reasons Why 2021 is a Different Year for the LBI New Jersey Real Estate Market.
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Five Unique Trends in the Long Beach Island Real Estate Sales Market 
Five Unique Trends in the Long Beach Island Real Estate Sales Market 
Five Unique Trends in the Long Beach Island Real Estate Sales Market
Long Beach Island Real Estate Market Trends
It is safe to say that 2020 and 2021 have been different years. Thanks to COVID, we have all learned to live life in a different and, in many ways-unusual world. The Long Beach Island NJ real estate market has changed as well, and there are five notable trends in the Long Beach Island real estate sales market that we have not seen occur together before. That makes predicting the market’s future more challenging, but all buyers and sellers need to be aware of the climate we are operating in at this time.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Five Unique Trends in the Long Beach Island Real Estate Sales Market
Below are the five reasons why 2021 is a very different year for the LBI NJ real estate sales market.
- Long Beach Island home prices have risen: Anyone looking to buy a home in the LBI real estate market knows that prices have increased over the last 18 months. In fact, the first half of 2021 saw a roughly 12.5% increase in single-family home prices.
- Mortgage interest rates are at historic lows: While prices have jumped, the cost of borrowing money has fallen to almost the point of being free! While all buyers need to confirm their interest rate, we see pricing around half of what it was a few years ago.
- The supply of homes for sale in the LBI real estate market has fallen (but is starting to rise): In the winter/spring of 2021, there were only around 75-100 homes for sale in the LBI real estate market. This is a fraction of what we ordinarily see. In the past, there have been about 500-600 homes for sale. At the time of my writing this article, there are about 200 homes for sale. Inventory is still very low, but it is starting to rise.
- Homes are selling much faster: The time a home spends on the market is a fraction of what it used to be. A few years ago, the average number of days on the market for a home on Long Beach Island was around 180 days. Right now, it is about 30!
- On average, homes are selling OVER full price: The average difference between the listing price and the home’s sales price right now is around 101.5%. That means that more homes are selling over full price (on average). This tells us that buyers are facing a lot of competition in the LBI real estate market!
Five Reasons Why 2021 is a Different Year for the LBI New Jersey Real Estate Market.
There is no doubt that the LBI real estate market is competitive right now. We are in a seller’s market, plain and simple. The low cost of money is perhaps the buyer’s best friend right now as it can dramatically lower the cost of ownership over the next several years. There are still many opportunities for buyers in this market as well, but a buyer has to understand what determines value in the Long Beach Island real estate market and act on it. Above all else, both buyer and seller need to understand the trends we see in the LBI real estate market and know how to respond to them. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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