Hi Long Branch, New Jersey! Spring market is in full swing and we are seeing market activity similar to how it was in 2020. Hi I’m Michele Irizarry, CEO and Broker of Shore Prime Properties located at Brighton Avenue in West End, Long Branch, New Jersey. Since Long Branch has such a diverse mix of single-family homes and condominiums, I separated these market stats according to each category. So let’s take a look at how the Long Branch market performed for the month of April 2023.
Single Family Homes
There were nine single-family homes that sold with an average sales price of $628,222. They spent an average of 21 days on the market.
Condominiums
For condo sales, seven sold in April with an average sales price of $1,867,143 with an average day of 96 days on the market.
Absorption Rate
The absorption rate for residential properties in Long Branch is 1.61 months. This means that at the time of this recording this is how quickly the current active inventory will take to sell. This is based on how many active listings there are divided by the average number of homes sold for the past year. When the absorption rate is below six months it is considered to be a seller’s market.
Considering the time of year rear end and this absorption rate, it would be wise to think that now is a very profitable time to sell. If you are curious about how much your home is worth or if you were just curious about how the home selling process works, reach out to us here at Shore Prime Properties. We can schedule a free consultation and go over all of the best options that would fit for your situation. My name is Michele Irizarry, selling prime real estate at the Jersey Shore.
