LBI Real Estate Weekly Sales Update 5/17/2020-5/24/2020
- May 24, 2020
- 5 min read
Long Beach Island Real Estate Weekly Sales Update LBI Real Estate Weekly Sales 5/17/2020-5/24/2020
LBI Real Estate Weekly Sales Update 5/17/2020-5/24/2020: With 82 changes to the market this week, things have picked up a great deal. What is most interesting is that 27 of the 82 changes were pending sales. This is a VERY high number of homes to transact in a single week. 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 You can review all the active, pending, sold and withdrawn listings that are or were for sale on Long Beach Island in the given time frame.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:
12 new listings entered the market with an average price of $1,604,975
27 listings went under contact with an average listing price of about $993,369
8 properties sold on Long Beach Island with an average price of $1,097,225
14 listings were either withdrawn of expired in the LBI real estate market
LBI Real Estate Weekly Sales Update 5/17/2020-5/24/2020
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PENDING or ACTIVE UNDER CONTRACT means the property is under contract (pending), "C" means the property sold and WITHDRAWN, CANCELED or EXPIRED means the property failed to sell or was a duplicate listing.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
The LBI real estate market is seeing extremely high levels of activity. In speaking with my clients, buyers are looking for an escape from the more congested areas and see the benefit of owning a beach house. There were a total of 27 pending sales this week alone. That is incredible volume even for this time of year. As coronavirus continues to unfold we will have to see if activity remains this positive but we have seen a steady, week by week increase in activity culminating this week's high point. At present there are about 75-90 pending listings on Long Beach Island which is standard for this time of year. For more information about buying, selling or investment in the Long Beach Island real estate market or about LBI NJ Real Estate Weekly Sales Update 5/17/2020-5/24/2020 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
