Timing in the Long Beach Island Real Estate Market
Tracking LBI Real Estate Days On MarketLong Beach Island Real Estate Trends
The LBI real estate market can offer some excellent opportunities, however it is important to understand current trends developing before making a purchase. Long Beach Island is unique in that the entire economy centers around the summer season and there is a dynamic to buying and selling the correlates with this trend. Tracking LBI real estate days on market is an excellent way to help determine when the right time to buy or sell may be.
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Tracking LBI Real Estate Days On Market
Reviewing the enclosed days on market, in other words the amount of time a property in the LBI real estate market took to sell in 2014, shows some interesting trends.
- The month with the lowest days on market was July
- The months with the highest cumulative days on market were tied in October and November
- February and March showed a low days on market compared to the rest of the year
It is not surprising the July, February, and March showed a lower than average close days on market. January tends to be a very busy month in the LBI real estate market so a buyer who enters into in LBI real estate transaction will most likely closed in February or March. As new listings come on the market after the holiday season, which tends to be a slow time for new listings, we will see homes sell quickly in the early part of the year. July, which tends to be a very slow month for home sales, shows a low average days on market as buyers are looking to close the transaction to enjoy part of the summer season. A buyer who enters into a transaction in April or May will do everything possible to close in time for summer. October November, which showed dramatically higher days on market, also fall in line with the prevailing trends in the LBI real estate market. Summer is a very slow time for real estate sales on Long Beach Island, so a buyer who lists their home in the late spring or summer should anticipate a longer listing period.
Translating Long Beach Island Real Estate Market Time
Tracking the average days on market can be applied to both buyers and sellers. Buyers can take advantage of time in their search to correlate with the highest periods of inventory on the market. This will give them more options to choose from and should position them to find a great home. Sellers should be cognitive of the market trends so as to list when their home will see the most exposure from buyers. Listing a home in the late spring or early summer clearly translates to a longer listing time, which can make a home seen unappealing and more difficult to sell. For more information about tracking LBI real estate days on market, or Long Beach Island real estate trends, contact me and I will respond right away.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
www.BuyLBI.com
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