LBI Real Estate Weekly Sales Update 11/1/2021-11/7/2021
- Nov 7, 2021
- 5 min read
Long Beach Island Real Estate Weekly Sales Update LBI Real Estate Weekly Sales 11/1/2021-11/7/2021
LBI Real Estate Weekly Sales Update 11/1/2021-11/7/2021: While overall activity was less this week, the number of new listings to enter the market was much higher! 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. It is good news for buyers in that there was a net increase in the inventory levels. This is the first time in weeks this has been the case! You can review all the active, pending, sold, and withdrawn listings that are or were for sale on Long Beach Island in the given time frame.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:
22 new listings entered the market with an average price of $1,902,745
15 listings went under contract with an average listing price of about $1,709,860
17 properties sold on Long Beach Island with an average price of $1,421,176
7 listings saw price reductions in the LBI real estate market
LBI Real Estate Weekly Sales Update 11/1/2021-11/7/2021
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PENDING or ACTIVE UNDER CONTRACT means the property is under contract (pending), "C" means the property sold and WITHDRAWN, CANCELED or EXPIRED means the property failed to sell or was a duplicate listing.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
It was great to see some more inventory enter the market this week. While the gains are limited, the number of homes for sale on LBI is currently at a higher point than we have seen in a long time. That said, There are 189 active listings in the MLS this week and 150 pending sales so the market is at best, balanced. There were 7 price drops this week which has been about the norm, but still higher than we saw a few months ago so it could be a sign that the market pricing has reached a peak, at least for now. 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 11/1/2021-11/7/2021 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
