LBI Real Estate Days on Market March 2020-February 2021
- High Tides Digital Marketing
- Feb 27, 2021
- 3 min read
Long Beach Island Real Estate Days on Market During COVID
Long Beach Island Real Estate and Coronavirus
LBI Real Estate Days on Market March 2020-February 2021. Since the Coronavirus pandemic began about one year ago, the Long Beach Island real estate market has undergone a remarkable transition. We have seen a roughly 30% increase in prices and inventory levels are at an all-time low. While competition is stiff, there are still buying opportunities in the LBI real estate market if you understand what determines the value of a home and remain patient and disciplined. To remain competitive, all buyers should understand the trends they are facing and one of these trends is the amount of time a home spends on the market for sale. A look at LBI Real Estate Days on Market March 2020-February 2021 can help shed some light on these trends.
Over the past year, the amount of time a home spent on the market has dropped by half
Currently, homes spend an average of less than 80 days on the market
The number of sales each month has fallen, but this has to do with a lack of inventory
LBI Real Estate Days on Market March 2020-February 2021
The chart below shows the average days on market for all home types (single family homes, condos, duplexes, etc.) over the past 12 months. The chart also shows the number of closed transactions each month in the LBI real estate market.
Month | Days to Sell, Average | Sales, Number of |
Mar-20 | 118 | 49 |
Apr-20 | 137 | 56 |
May-20 | 131 | 44 |
Jun-20 | 127 | 70 |
Jul-20 | 148 | 96 |
Aug-20 | 137 | 80 |
Sep-20 | 112 | 127 |
Oct-20 | 69 | 132 |
Nov-20 | 74 | 111 |
Dec-20 | 82 | 98 |
Jan-21 | 61 | 63 |
Feb-21 | 70 | 41 |
We can see some very clear trends in the above data. The first 6 months of data show an average days on market of 133 days. The second set of data (the most recent 6 months) shows an average of only 78 days on the market. This is a significant drop in the time it takes a home to sell. We also see a significant change in the number of sales each month. September, October, and November were by far the most active months for closed transactions which makes a lot of sense. The LBI real estate market opened up in full in June and July which sparked a tremendous amount of pent-up buyer activity. This surge in activity also depleted the already low levels of homes for sale on Long Beach Island and, as a result, buyers in the LBI real estate market are facing a more competitive market.
Long Beach Island Real Estate Days on Market During COVID
Understanding the current trends in the LBI real estate market is one of the best ways to improve your chances of a successful transaction. All buyers need to understand the competition they will be facing and use this information to make the best decision possible. Coronavirus has changed the market, but there are still opportunities to be had! 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
