LBI Real Estate Weekly Sales Update 3/30/2020-4/5/2020
- Apr 5, 2020
- 5 min read
Long Beach Island Real Estate Weekly Sales Update LBI Real Estate Weekly Sales 3/30/2020-4/5/2020
LBI Real Estate Weekly Sales Update 3/30/2020-4/5/2020: The LBI real estate market saw a drop off in activity this week. There were only 65 changes to the MLS and a great many of these were expired listings (something very common on the first of the month). There were also a number of homes that came back on the market, presumably due to coronavirus, as well as several listings that were taken off the market. Losing listings is a serious problem for the market as inventory levels are already low. 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 You can review all the active, pending, sold and withdrawn listings that are or were for sale on Long Beach Island in the given time frame.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:
6 new listings entered the market with an average price of $1,330,983
7 listings went under contact with an average listing price of about $830,400
22 properties sold on Long Beach Island with an average price of $913,501
20 listings were either withdrawn of expired in the LBI real estate market
7 properties came back on the market this week
LBI Real Estate Weekly Sales Update 3/30/2020-4/5/2020
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PENDING or ACTIVE UNDER CONTRACT means the property is under contract (pending), "C" means the property sold and WITHDRAWN, CANCELED or EXPIRED means the property failed to sell or was a duplicate listing.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
There were a high number of closings this week which is a good thing, but it is important to remember that these deals originated 30-60 days ago in most cases. This was well before coronavirus took serious hold in the United States. Therefore the impact of coronavirus has yet to register. While I still believe the impact will be short term only, the effects of this global tragedy are unmistakable. The number of new listings coming on the market was very low and roughly a third of this week's activity were homes leaving the market. In time this will pass and but for now, we have to focus on staying safe and getting ready for opportunities in the LBI real estate market when they present themselves. For more information about buying, selling or investment in the Long Beach Island real estate market or about LBI Real Estate Weekly Sales Update 3/30/2020-4/5/2020 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
