New Listings, Pending Contracts and Closed Transactions in the Long Beach Island Real Estate Market
The LBI NJ Real Estate Market
The real estate market on Long Beach Island has seen some strong activity over the past year. With the damaged caused by Hurricane Sandy mostly repaired and with the substantial amount of new construction taking place, it is easy to understand why activity has been increasing. A clear indication of the increased activity is by looking at Long Beach Island Real Estate Supply and Demand in January and February of 2014.
Long Beach Island Real Estate Supply and Demand in January and February of 2014
The month of January 2014 saw a total of 145 new listings enter the LBI real estate market. There were a total of 30 closed transactions and 33 new contracts written during the same time period. In addition, 101 listings were either withdrawn or expired from the market meaning they failed to sell (however it is important to point out that some of these expired and withdrawn listings went back on the market for sale). Looking at the numbers, there were 19 fewer homes on the market at the end of January than when month began.
During the month of February 2014, 135 new listings came on the market, 46 new contracts were written, there were 25 closed transactions and a total of 59 listings were withdrawn or expired meaning they failed to sell. Looking at the February numbers, there were 5 more homes on the market at the end of February than when the month began.
Overall, the supply of homes has decreased over the past two months with more homes having sold or been withdrawn than there were new listings coming on the sale market. February saw 10 less homes come on the sale market but also saw 13 more homes sell than sold in January! There were fewer closed transactions (5 less in February than January) but the Long Beach Island Real Estate Supply and Demand in January and February of 2014 points to an increasing market for both buyers and sellers.
Buying and Selling a Home in the LBI Real Estate Market
It is important for both buyers and sellers to understand how Long Beach Island Real Estate Supply and Demand in January and February of 2014 relates to the greater trends in the real estate market on Long Beach Island. While activity and prices seem to be on the rise, it is important to remember that there are many different types of homes for sale on LBI. There are condos, single family homes, commercial properties, new construction and storm damaged properties all of which will experience their own individual trends. For example, since most of the storm damaged homes have already cleared the market, these homes have seen an increase in their value as the supply decreases. If you are looking at buying or selling in the LBI real estate market, it is important to understand seasonal trends as well as the general condition of the real estate market. For more information about Long Beach Island Real Estate Supply and Demand in January and February of 2014 feel free to contact me, Nathan Colmer, with any questions and I will be happy to answer any questions you have!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org