LBI Real Estate Weekly Sales Update 8/23/2020-8/30/2020
- High Tides Digital Marketing
- Aug 30, 2020
- 2 min read
Long Beach Island Real Estate Weekly Sales Update LBI Real Estate Weekly Sales 8/23/2020-8/30/2020
LBI Real Estate Weekly Sales Update 8/23/2020-8/30/2020: There were 113 changes to the real estate market on Long Beach Island this week which, yet again, is a tremendous amount of activity. 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 You can review all the active, pending, sold and withdrawn listings that are or were for sale on Long Beach Island in the given time frame.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:
24 new listings entered the market with an average price of $1,144,496
18 properties sold on Long Beach Island with an average price of $1,001,000
4 listings were either withdrawn of expired in the LBI real estate market
LBI Real Estate Weekly Sales Update 8/23/2020-8/30/2020
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PENDING or ACTIVE UNDER CONTRACT means the property is under contract (pending), "C" means the property sold and WITHDRAWN, CANCELED or EXPIRED means the property failed to sell or was a duplicate listing.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 dominated the market and further reduced the low inventory levels on Long Beach Island. The high demand for listings is not only evident in the pending and closed sales but also in the fact there were only 4 withdrawn or expired listings. This tells us that buyers are buying almost anything on the market right now, which is not a good thing. Buyers need to be careful in a market like this and with that kind of disparity in numbers, some buyers are making a mistake. There are opportunities here to be sure, but I fear that inexperienced agents may be guiding buyers incorrectly. For example, I received a phone call last week from an individual who was closing on a home the next day and needed to obtain insurance. She was not aware that she needed insurance and her agent never told her because this agent did not know flood insurance was needed on a home with a mortgage. Such a basic and fundamental lack of understanding about the LBI real estate market leads me to the conclusion that some buyers are receiving very poor advice on the market and what drive value. For more information about buying, selling or investment in the Long Beach Island real estate market or about LBI Real Estate Weekly Sales Update 8/23/2020-8/30/2020 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
