LBI Real Estate Weekly Sales Update 11/1/2020-11/8/2020
- High Tides Digital Marketing
- Nov 8, 2020
- 2 min read
Long Beach Island Real Estate Weekly Sales Update LBI Real Estate Weekly Sales 11/1/2020-11/8/2020
Long Beach Island Real Estate
LBI Real Estate Weekly Sales Update 11/1/2020-11/8/2020: Overall activity in the LBI real estate market dropped off this week. Some of this is likely due to the election, the time of year, and the very low levels of inventory. 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 You can review all the active, pending, sold, and withdrawn listings that are or were for sale on Long Beach Island in the given time frame.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:
16 new listings entered the market with an average price of $1,041,687
29 listings went under contract with an average listing price of about $1,667,266
29 properties sold on Long Beach Island with an average price of $1,063,259
5 listings were either withdrawn of expired in the LBI real estate market
LBI Real Estate Weekly Sales Update 11/1/2020-11/8/2020
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PENDING or ACTIVE UNDER CONTRACT means the property is under contract (pending), "C" means the property sold and WITHDRAWN, CANCELED or EXPIRED means the property failed to sell or was a duplicate listing.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
Activity fell in all areas of the market except for price reductions. There were 14 price drops this week, which account for about 15% of the overall activity. We have been seeing this area of the market increase over the past few weeks which could be a single that the prices have begun to stabilize. Still, with 29 pending sales and only 16 new listings entering the market, the low inventory and high demand will help to keep the market on LBI strong. 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 11/1/2020-11/8/2020 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
