LBI Real Estate Weekly Sales Update 08/15/2021-08/22/2021
- Aug 23, 2021
- 5 min read
Long Beach Island Real Estate Weekly Sales Update LBI Real Estate Weekly Sales 08/15/2021-08/22/2021
LBI Real Estate Weekly Sales Update 08/15/2021-08/22/2021: We saw a total of 62 changes to the MLS on Long Beach Island this past week. As has been the trend for the past few weeks, there were more new listings than pending sales which has helped to restore some balance to the sales market on LBI. 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. You can review all the active, pending, sold, and withdrawn listings that are or were for sale on Long Beach Island in the given time frame.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:
23 new listings entered the market with an average price of $1,442,611
11 listings went under contract with an average listing price of about $1,395,627
8 properties sold on Long Beach Island with an average price of $1,398,738
4 listings were either withdrawn of expired in the LBI real estate market
LBI Real Estate Weekly Sales Update 08/15/2021-08/22/2021
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PENDING or ACTIVE UNDER CONTRACT means the property is under contract (pending), "C" means the property sold and WITHDRAWN, CANCELED or EXPIRED means the property failed to sell or was a duplicate listing.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
The major driver of price increases in the Long Beach Island real estate sales market has been the lack of inventory. We are starting to see that imbalance correct itself, but there is still a very long way to go before we are in a balanced market. Right now, there are roughly twice as many homes for sale on Long Beach Island as there were when inventory was at the lowest point, but there are only about a quarter of the homes for sale as we normally see. If more and more homes come on the market and pending sales do not keep up, it is likely that prices will start to level off some. That said, there are many paths for this to reverse, not least of which is COVID. If the Delta Variant prompts lockdowns and restrictions again, we could see a massive demand take place and soak up all the available inventory. 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 08/15/2021-08/22/2021 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
