LBI Real Estate Market Days to Sell May 2023
- High Tides Digital Marketing
- May 15, 2023
- 2 min read
Days to Sell in the Long Beach Island Real Estate Market
When looking to buy or sell a home in the LBI real estate market, the more information you have, the better. There are a lot of factors that determine the value of a home on Long Beach Island, and many ways to evaluate the health of the LBI real estate market. One of the best ways to do this is to study the time it takes for a home to sell on Long Beach Island. Demand is one of the most significant factors in determining price, and the more insight you have into these trends, the better you will be able to succeed in your LBI real estat transaction.
LBI Real Estate Market Days to Sell May 2023
Below is a chart that shows the length of time it takes a single-family home to enter into a contract and then the number of days it takes to sell.
Month | Average Closed Dates on Market | Average Days to Sell |
Jun-22 | 64 | 57 |
Jul-22 | 48 | 43 |
Aug-22 | 50 | 49 |
Sep-22 | 41 | 29 |
Oct-22 | 73 | 58 |
Nov-22 | 74 | 74 |
Dec-22 | 70 | 60 |
Jan-23 | 75 | 53 |
Feb-23 | 62 | 62 |
Mar-23 | 130 | 69 |
Apr-23 | 105 | 82 |
As you can see, the length of time it takes a home to sell has increased a good bit over the past year. This is not entirely surprising as late spring and early summer of 2022 were the high points in the LBI real estate market's demand. The number of days it takes to enter into a contract has increased by about one-third, but this is still far below the pre-COVID market numbers. Before COVID changed the inventory levels and demand throughout the LBI real estate market, the average time on the market was around 150-180 days. We are well below that, and much of this has to do with supply. There are simply not enough homes on the market, and demand from buyers is still very strong. This is clear in the data. The average home sells in a little less than three months, which is roughly twice as fast as it would have sold before COVID.
Days to Sell in the Long Beach Island Real Estate Market
There is no doubt that demand is still strong on Long Beach Island, and with inventory being low, the market is likely to remain stable or continue to rise. There are only about 125 homes for sale on Long Beach Island and the pre-COVID numbers were much higher, usually 500-600 at any time. With numbers still so low, and on average a house a day selling, demand is clearly strong. For more information about Long Beach Island or about 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
