LBI Real Estate New Listings and Sales November 2022
- High Tides Digital Marketing
- Nov 8, 2022
- 3 min read
Long Beach Island New Jersey Real Estate New Listings and Sales Update November 2022
As the Long Beach Island real estate market continues to balance out, one of the most important factors to monitor are LBI real estatenew listings and sales. There is a direct correlation between the number of homes for sale on Long Beach Island and the average sales price. While interest rates, which have been rising, do have some impact on buyer's behavior, above all else, inventory is key. Inentory levels are still shockingly low, and until this corrects itself, it is likely that prices will remain more or less where they are today. Therefore, it is helpful to look back over the last year at the number of homes for sale and the number of closed transactions to see where we have been and where we might be going!
LBI Real Estate New Listings and Sales November 2022
Below is a breakdown of all new listings in the LBI real estate market and the number of closed sale transactions month by month. Foor context, it is important to remember that most closed sales originated 30-60 days before they make settlement:
Month | Number of New Listings | Number of Sales |
Dec-21 | 25 | 51 |
Jan-22 | 55 | 41 |
Feb-22 | 48 | 35 |
Mar-22 | 59 | 48 |
Apr-22 | 57 | 44 |
May-22 | 80 | 48 |
Jun-22 | 69 | 53 |
Jul-22 | 55 | 28 |
Aug-22 | 54 | 39 |
Sep-22 | 67 | 37 |
Oct-22 | 72 | 38 |
Nov-22 | 16 | 6 |
There are a few things that jump out right away. May was the high water mark for new listings in the LBI real estate market, which makes sense as sellers look to have their home on the market for the busy summer season. Likewise, October saw robust numbers as sellers used their home for one last season and are now ready to list. November looks to be off to a balanced start (keeping in mind that I am writing this article in the first week of November, so there is not an entire month's worth of data yet). The impact of interest rates in the Long Beach Island real estate market is clearly demonstrated in the number of sales. Interest rates began to increase in the last spring through the present time. While there are a few less sales now than in the spring, the market has clearly not dropped off in any meaningful way. This is especially true when one considers that the spring market is almost always busier for closings since buyers are anxious to settle on a home before the summer season on LBI. It is safe to assume from this data that higher rates have not doomed the LBI real estate market and are not likely to do so.
Long Beach Island New Jersey Real Estate New Listings and Sales Update November 2022
We have been seeing a small increase week over week in the number of homes for sale, but those gains can be erased in a single week of sales. Looking at last week for example, there were 14 new listings and 12 pending sales, so the market was more or less balanced out. This is the number to monitor as we move forward in the LBI real estate market. For more information about buying, selling or investing in the Long Beach Island 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
