Sold and Expired Real Estate Listings in the Long Beach Island New Jersey Real Estate Market
The Long Beach Island real estate market has been showing steady growth and improvement. Overall, market activity has been strong with the average price of a single-family home and the number of homes sold both on the rise. While the trends certainly are positive, it is helpful to examine the number of homes which failed to sell. This can help provide some insight into the overall LBI real estate market. Sold and expired real estate listings on Long Beach Island can help show us what to avoid when investing in the LBI real estate market.
Sold and Expired Real Estate Listings on Long Beach Island
An examination of the number of sold homes and expired listings between July 2016 and November 2016 shows some interesting trends. The sale data is broken down below:
- July 2016: 43 sold homes 99 expired listings
- August 2016: 45 sold homes 167 expired listings
- September 2016: 69 sold homes 113 expired listings
- October 2016: 51 sold homes 144 expired listings
- November 2016: 63 sold homes 107 expired listings
As we can see from the data, more homes expired from the multiple listing service each month than sold. In fact, the data shows us that roughly twice as many homes failed to sell each month. On the surface this may seem alarming, but it is important to remember there are a number of variables that fit into the LBI real estate market. Most homes that failed to sell during these months were due to either poor pricing or poor marketing. Either or both of these errors can result in a home not receiving the attention it deserves, and therefore, not receiving offers.
Investing in the Long Beach Island Real Estate Market
Regardless if you are looking to buy or sell in the Long Beach Island real estate market, keeping an eye on the number of sold and expired listings each month is beneficial. It is important to remember that while the overall LBI real estate market is strong, it is also highly competitive. Buyers should be aware of a home that will not hold or increase in value due to any number of factors. Sellers must keep in mind there is a lot of competition in the market. A seller’s house has to stand out by price, marketing, or both. A look at sold and expired real estate listings on Long Beach Island tells us that while market data is largely positive, some homes have a difficult time selling. Therefore, it is important to understand what determines value in the LBI real estate market. For more information about sold and expired listings in the LBI real estate market, please do not hesitate to contact me and I will be happy to answer any questions you have.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org
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