LBI Real Estate Weekly Sales Update 6/8/2020-6/14/2020
- High Tides Digital Marketing
- Jun 15, 2020
- 2 min read
Long Beach Island Real Estate Weekly Sales Update LBI Real Estate Weekly Sales 6/8/2020-6/14/2020
LBI Real Estate Weekly Sales Update 6/8/2020-6/14/2020: The number of changes to the Long Beach Island real estate MLS dropped off a little this week. There were a total of 85 changes compared to around 100 last 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 You can review all the active, pending, sold and withdrawn listings that are or were for sale on Long Beach Island in the given time frame.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:
13 new listings entered the market with an average price of $1,105,292
31 listings went under contact with an average listing price of about $1,043,193
11 properties sold on Long Beach Island with an average price of $1,412,182
14 listings were either withdrawn of expired in the LBI real estate market
LBI Real Estate Weekly Sales Update 6/8/2020-6/14/2020
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PENDING or ACTIVE UNDER CONTRACT means the property is under contract (pending), "C" means the property sold and WITHDRAWN, CANCELED or EXPIRED means the property failed to sell or was a duplicate listing.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
While the number of changes to the MLS was lower this week than last, there was a noticeable increase in pending sales. The market on LBI continues to be VERY strong and buyer activity is though the roof. This is evident in the higher than average number of pending sales and the more or less average number of closed sales (remember a closing this week most likely originated about 30-60 days ago when the market was a little slower). One serious problem the market will face is inventory. There are far too many homes coming off the market and not enough coming on. As an example, this week 45 listings left the market by either being withdrawn, expired or sold. There were only 13 new listings that came on the market. If this continues, it will pose a problem for buyers in the weeks and months to come. 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 6/8/2020-6/14/2020 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
