LBI Real Estate Weekly Sales Update 05/21/2023-05/28/2023
- May 28, 2023
- 4 min read
Long Beach Island Real Estate Weekly Sales Update LBI Real Estate Weekly Sales 05/21/2023-05/28/2023
LBI Real Estate Weekly Sales Update 05/21/2023-05/28/2023: There were a total of 45 changes in the week to kick off the Summer 2023 season on LBI, and, much to the relief of buyers, there were a higher number of new listings! To help understand the dynamics of the LBI real estate market for buyers, sellers and investors I publish a weekly sales update for the Long Beach Island real estate market in addition to my monthly analysis of home sales on Long Beach Island NJ. You can review all the active, pending, sold, and withdrawn listings that are or were for sale on Long Beach Island in the given time frame. To give a quick summary:
15 new listings entered the market with an average price of $1,522,669
8 listings went under contract with an average listing price of about $3,454,112
12 properties sold on Long Beach Island with an average price of $2,291,743
5 listings saw price reductions in the LBI real estate market
LBI Real Estate Weekly Sales Update 05/21/2023-05/28/2023
Below is a breakdown of all market activity on Long Beach Island over the past week. For the property status NEW ACTIVE means it is a new or re-listed home, PRICE DECREASE means the price was reduced, PENDING or ACTIVE UNDER CONTRACT means the property is under contract (pending), "C" means the property sold and WITHDRAWN, CANCELED or EXPIRED means the property failed to sell or was a duplicate listing. Note this is for single-family homes, condos, duplexes, and commercial real estate listed by all local Long Beach Island real estate agencies.
LBI New Jersey Real Estate Sales Analysis
As I seem to write week after week, inventory is the main challenge facing the LBI real estate market. There are 132 active listings in the MLS this week and 50 pending sales. These numbers have remained almost unchanged for weeks on end! New listings are absorbed almost as quickly as they come on the market, and typically when we see a strong week for listings (like this week), the next 1-3 weeks see a higher number of pending sales. The real estate market on Long Beach Island is showing stability and price growth in spite of higher mortgage rates. For more information about buying, selling or investing in the Long Beach Island real estate market or about LBI NJ Real Estate Weekly Sales Update 05/21/2023-05/28/2023 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
