LBI Real Estate Weekly Sales Update 8/16/2020-8/23/2020
- High Tides Digital Marketing
- Aug 23, 2020
- 2 min read
Long Beach Island Real Estate Weekly Sales Update LBI Real Estate Weekly Sales 8/16/2020-8/23/2020
LBI Real Estate Weekly Sales Update 8/16/2020-8/23/2020: Even as we are starting to think about the end of summer, the LBI real estate market continues to charge forward. There were 134 changes to the MLS this 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 You can review all the active, pending, sold and withdrawn listings that are or were for sale on Long Beach Island in the given time frame.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:
28 new listings entered the market with an average price of $1,256,339
49 listings went under contact with an average listing price of about $1,075,249 (a new record)
22 properties sold on Long Beach Island with an average price of $1,192,618
24 listings were either withdrawn of expired in the LBI real estate market
LBI Real Estate Weekly Sales Update 8/16/2020-8/23/2020
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PENDING or ACTIVE UNDER CONTRACT means the property is under contract (pending), "C" means the property sold and WITHDRAWN, CANCELED or EXPIRED means the property failed to sell or was a duplicate listing.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
Once again, pending sales showed incredible numbers. There were almost 50 (yes 50) pending sales this week! That is a record. Closed sales were very high as well which is a good signal in that buyers are completing the transactions. One surprising statistic was an increase in expired, withdrawn and cancelled listings. That number jumped this week but is still far lower than anything else in the market. Overall the market continues to impress. Buyers, beware. There are opportunities for sure but also many ways to make a costly mistake. Buyers have to understand value to navigate this kind of market. 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 8/16/2020-8/23/2020 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
