December 2018 LBI Real Estate Sales Transactions and 2018 Yearly Sales Totals on Long Beach Island NJ
December finished on a steady note despite uncertainly in the financial markets, but compared to one year ago the numbers were a little off. Sales were as follows:
Single Family Homes
29 Sold
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Average Price: $1,113,272
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Average Percentage of Listing Price: 92.97%
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Average Days on Market: 173
Condominiums
Compared to December 2017, December 2018 had 5 fewer sold single family homes and the average price was about $80,000 less. In addition we saw a longer time on the market and a greater difference between the listing price and sale price of a home. As a whole this is not terribly surprising given that the majority of homes that closed in December went into pending something in October/November...right in the middle of a large stock market drop and overall financial uncertainly. Since that time pending sales have been steady with about 75-100 homes currently under contract. You can view all homes sold in the past month by clicking here.
Looking at the LBI real estate market as a whole in 2018 we see steady totals. 491 single family homes sold on LBI with an average price of $1,116,102. In 2017 there were 545 single family homes sold with an average price of $1,106,278. The condominium market on LBI saw similar data. There were a total of 71 condos sold in 2018 (compared to 92 in 2017) with an average price of $542,051 (compared to $508,623 in 2017). The LBI real estate market continues to struggle with low inventory levels, which does contribute to the lower sales figures, but the prices of homes seem to have leveled off with small increases in 2018 over 2017. It will be interesting to see what trends develop in 2019 and I will continue to publish my weekly and monthly sales updates so stay tuned!
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November 2018 LBI Real Estate Sales and Transactions on Long Beach Island NJ
November showed stable activity in the LBI real estate market! Sales were as follows:
Single Family Homes
55 Sold
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Average Price: $1,203,557
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Average Percentage of Listing Price: 95.17%
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Average Days on Market: 123
Condominiums
Overall 5 fewer homes sold in November 2018 compared to November 2017 however the average price was about $25,000 higher. This has been a pattern we have been seeing throughout 2018 as there are fewer "good" homes for sale and demand has been high (without enough homes to go around). Year to date there have been 457 single family homes sold with an average price of $1,112,618. Using the same time-frame in 2017 there were 511 single family homes sold with an average price of $1,100,205. Currently there are about 100 homes pending in the LBI real estate market. You can view all homes sold in the past month by clicking here.
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October 2018 LBI Real Estate Sales and Transactions on Long Beach Island NJ
October ended up being a very busy month for closings on Long Beach Island! Sales were as follows:
Single Family Homes
60 Sold
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Average Price: $1,116,567
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Average Percentage of Listing Price: 96.45%
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Average Days on Market: 91
Condominiums
The overall market activity was almost identical in October 2018 when compared to October 2017. The same number of single family homes sold (60) however there were fewer condos sold in 2018 (6) compared to 2017 (12). That said, the average price of a single family home was considerably higher. 2018 has proven to be a strong year in the LBI market. There are currently about 100 homes pending and year to date there have been 417 single family homes sold with an average price just under $1,100,000. You can view all homes sold in the past month by clicking here.
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September 2018 LBI Real Estate Sales and Transactions on Long Beach Island NJ
September recovered some of the market losses LBI experienced in the prior months. Sales were as follows:
Single Family Homes
45 Sold
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Average Price: $1,179,042
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Average Percentage of Listing Price: 96.23%
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Average Days on Market: 79
Condominiums
Market activity was almost identical in the number of units sold in 2018 compared to 2017 however the average price was higher in 2018. This lends some credit to the overall stability of the LBI market. So far, 2018 has seen a back and forth of higher and lower sales months. I feel strongly that this is attributed to the very low levels of quality inventory currently available in the Long Beach Island market. A quick look at the year to date statistics supports this. So far 2018 has seen fewer sales in the LBI market compared to 2017 but at an average price of almost $100,000 more. This shows us that buyers are willing to buy...if they can find the right house! You can view all homes sold in the past month by clicking here.
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August 2018 LBI Real Estate Sales and Transactions on Long Beach Island NJ
August saw steady activity in the overall LBI market but compared to a year ago, transactions were lagging. Sales were as follows:
Single Family Homes
Condominiums
Sales were again lower compared to one year ago. This has been the developing trend in the LBI marketplace. I do believe that much of this has to do with the overall lack of quality inventory but if this trend continues then it could be the sign of a slowing market. Year to date numbers still show a very strong LBI real estate market. You can view all homes sold in the past month by clicking here.
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July 2018 LBI Real Estate Sales and Transactions on Long Beach Island NJ
July recovered some of the market losses LBI experienced in June 2018. Sales were as follows:
Single Family Homes
31 Sold
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Average Price: $1,164,661
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Average Percentage of Listing Price: 95.25%
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Average Days on Market: 94
Condominiums
June ended up being a very bad month for the LBI real estate market with both the number or sales and the average price lower. July 2018 saw improvement in the number of homes sold but the average price of a single family home was lower for the second straight month. In July 2018 there were 27 homes sold whereas July 2018 saw 31. The average price was $1,384,592 in 2017 and only $1,164,661 in 2018. Much of this drop still has to be attributed to lower inventory levels and less desirable homes selling as a result. We are seeing more interest in building which of course will drive the average price lower (since buyers will pay less for a knock down than for a finished home. You can view all homes sold in the past month by clicking here.
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June 2018 LBI Real Estate Sales and Transactions on Long Beach Island NJ
June 2018 showed one of the worst months in real estate on Long Beach Island in recent years. Sales were as follows:
Single Family Homes
42 Sold
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Average Price: $1,029,864
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Average Percentage of Listing Price: 96.12%
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Average Days on Market: 127
Condominiums
Compared to one year ago there were 13 fewer single homes sold and the average price was about $180,000 less. Both are significant drops in prices and activity. Condo sales followed about the same trend with 12 homes sold in 2017 and only 7 in 2018. While much of this can be attributed to the lower inventory levels that have plagued LBI for some time now, the lower average price will have to be monitored to see if it is an anomaly or a developing trend. You can view all homes sold in the past month by clicking here.
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May 2018 LBI Real Estate Sales and Transactions on Long Beach Island NJ
May 2018 saw the following activity::
Single Family Homes
54 Sold
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Average Price: $1,079,524
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Average Percentage of Listing Price: 95.99%
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Average Days on Market: 123
Condominiums
The market in May 2018 showed very similar activity compared to one year ago. Fewer single family homes sold in May 2018 compared to May 2017 (54 and 62 respectively) but there were more condos sold during the same time period (9 compared to 4 respectively). In total there were 68 closed condos and single family homes in May 2017 and 63 in 2018. The average price of a single family home was about $50,000 higher in 2018 with an average price per sq foot of $488.07. Market activity going into summer has been strong but inventory levels are still very low which is having an impact on sales. You can view all homes sold in the past month by clicking here.
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April 2018 LBI Real Estate Sales and Transactions on Long Beach Island NJ
April 2018 showed stable pricing but less overall sales compared to one year ago. Sales were as follows:
Single Family Homes
47 Sold
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Average Price: $1,029,136
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Average Percentage of Listing Price: 96.14%
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Average Days on Market: 110
Condominiums
Comparing the LBI real estate market in April 2018 to April 2017 we see fewer single family homes sold (44 in 2018 compared to 55 in 2017) but the average price was about $20,000 higher in 2018 (really a rounding number at this price point). Condos saw fewer sales as well, 2 less to be exact, but the average price was much higher (about $200,000). Interest in the market is strong, inventory levels are just very low. I believe the lack of good housing options on the market (priced correctly) has to do with the lower number of sales seen. You can view all homes sold in the past month by clicking here.
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March 2018 LBI Real Estate Sales and Transactions on Long Beach Island NJ
January 2018 started off the year with strong sales and a positive outlook despite the questions still surrounding the new tax law and an unexpected drop in the stock market:
Single Family Homes
44 Sold
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Average Price: $1,107,364
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Average Percentage of Listing Price: 95.84%
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Average Days on Market: 122
Condominiums
March 2018 continued the trend started in February 2018 of lower sales volume however the average price and the average days on market both improved compared to sales one year ago. In March 2017 there were 54 sold single family homes and 9 condos whereas March 2018 saw 44 single family homes sold and the same 9 condos sold. The average price of a single family home did increase by about $100,000 and the time single family homes spent on the market decreased by about 20 days. Taken as a whole this seems to support the trend of lower inventory levels we have been experiencing in the LBI market. With fewer homes for sale less sales volume and higher prices are to be expected. You can view all homes sold in the past month by clicking here.
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February 2018 LBI Real Estate Sales and Transactions on Long Beach Island NJ
February 2018 saw a notable drop in the number of homes sold year over year. Sales were as follows:
Single Family Homes
21 Sold
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Average Price: $1,135,024
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Average Percentage of Listing Price: 94.27%
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Average Days on Market: 121
Condominiums
Compared to February 2017 the number of homes sold in 2018 was lower (38 in February 2017 compared to 21 in February 2018) and the average price was a little lower as well ($1,198,124 vs $1,135,024). This marks one of the first months of significant decline in several years. Homes did sell much faster in 2018 with an average time on the market some 20 days less than 2018. This actually supports the apparent trend developing of very low inventory levels. Typically when inventory levels are low like what we are currently experiencing on LBI the average price will be higher and the time on the market will be lower. You can view all homes sold in the past month by clicking here.
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January 2018 LBI Real Estate Sales and Transactions on Long Beach Island NJ
January 2018 started off the year with strong sales and a positive outlook despite the questions still surrounding the new tax law and an unexpected drop in the stock market:
Single Family Homes
36 Sold
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Average Price: $1,233,614
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Average Percentage of Listing Price: 95.62%
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Average Days on Market: 128
Condominiums
. Compared to January 2017, the average price of a single family home was almost unchanged but there were 6 more closed transactions in January 2018 compared to January 2017. The LBI real estate market has been experiencing an active winter market so far and it seems like that activity will continue into the Spring season. There are currently about 125 homes 'Under Contract" in the LBI market so clearly shoppers are making the decision to invest on Long Beach Island. You can view all homes sold in the past month by clicking here.
