Nathan Colmer | The Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
Nathan Colmer | The Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
Learn about the LBI real estate market in 2019 and single family home and condo sale transactions on Long Beach Island NJ, published by Nathan Colmer, LBI real estate agent
2019 ended up being a good year in the LBI real estate market and showed stable activity. Sales were as follows:
Single Family Homes
Average Price: $1,156,962
Average Percentage of Listing Price: 95.1%
Average Days on Market: 162
Condominiums
Price: $543,410
Percentage of Listing Price: 96.2%
Days on Market: 144
The LBI real estate market was active in 2019! In total there was $573,853,314 worth of single family homes and $50,537,151 worth of condominiums closing. Compared to 2018 there were 27 more closings but the majority of them, all but 5, were in the condo market. In 2018 there were 71 sold condos compared to 93 in 2019. Single family homes saw 496 transactions in 2019 compared to 491 in 2018. The average price for both single family homes and condos was almost unchanged from year to year. Single family homes traded about $50,000 higher in 2019 for single family homes and about $1,500 higher for condos. While still well behind the volume we witnessed in 2017, prices and activity are steady and strong. I think it is fair to say 2019 was a good year in the LBI real estate market and signs are that 2020 will be as well. You can view all homes sold in the past month by clicking here.
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After a slow November, December sales rebounded with higher numbers. Sales were as follows:
Single Family Homes
Average Price: $1,173,640
Average Percentage of Listing Price: 94.9%
Average Days on Market:187
Condominiums
Price: $571,875
Percentage of Listing Price: 95.9%
Days on Market: 136
December ended the year on a strong note. There were 8 more homes sold in December 2019 compared to December 2018 and the average price of both single family homes and condos was higher. Homes also sold closer to their listing price which can single a higher degree of confidence in the overall LBI real estate market. There are currently around 70-90 homes under contract in the MLS which is about the same amount as December 2018 showed. You can view all homes sold in the past month by clicking here.
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November saw a drop off in activity compared to last month and a year over year comparison. Sales were as follows:
Single Family Homes
Average Price: $980,950
Average Percentage of Listing Price: 96.65%
Average Days on Market: 95
Condominiums
Price: $706,214
Percentage of Listing Price: 94.92%
Days on Market: 72
November sales in 2019 lagged behind those of November 2018. There were a total of 53 transactions in 2019 compared to 58 in 2018. Additionally the average sales price for a single family home was lower in 2019, $980,950 compared to a little over $1,200,000 in 2018. Homes did sell faster and closer to their listing price in 2019. The number of pending sales is also lower compared to the same time one year ago. There are about 70 pending sales right now compared to about 100 in 2018. While November ended up being a poor month for the LBI real estate market, 2019 on the whole has shown stable activity. You can view all homes sold in the past month by clicking here.
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October saw another strong month of activity and more closed transactions than the prior month. Sales were as follows:
Single Family Homes
Average Price: $1,198,901
Average Percentage of Listing Price: 95.3%
Average Days on Market: 100
Condominiums
Price: $570,786
Percentage of Listing Price: 98%
Days on Market: 154
The number of homes sold and the average price were almost identical in October 2019 to October 2018. There were a total of 70 single family homes and condos sold in 2019 compared to 69 in 2018. The average price of both single family homes and condos was within a rounding percentage as well. While still a little lower than 2017's 72 sales, this year is shaping up to be a good one in the LBI real estate market. While past sales have been strong, pending sales are down somewhat. There are currently less than 100 pending sales in the market. You can view all homes sold in the past month by clicking here.
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September continued to show strong activity. Sales were as follows:
Single Family Homes
Average Price: $1,337,961
Average Percentage of Listing Price: 95.3%
Average Days on Market: 132
Condominiums
Price: $523,889
Percentage of Listing Price: 96.8%
Days on Market: 144
Overall September saw good activity. With a total of over 60 transactions buyers were clearly active in the market. The average price of a single family home was significantly higher than month as were the number of homes sold. So far 2019 has shown improvement over 2018 but still lacks in volume behind 2017. You can view all homes sold in the past month by clicking here.
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August saw a major increase in activity when compared to a slow July. Sales were as follows:
Single Family Homes
Average Price: $1,035,500
Average Percentage of Listing Price: 95.34%
Average Days on Market: 131
Condominiums
Price: $473,750
Percentage of Listing Price: 95.39%
Days on Market: 98
The market saw a great increase this month. Compared to one year ago the number of homes sold was higher and so too was the average sales price. There were 7 more single family homes and condos sold in 2019 than 2018 in August. In fact there have been year to date almost the same number of single family homes and condos sold in the LBI real estate market (354 in 2019 and 356 in 2018). While this still lags behind 2017, the market is doing just fine on Long Beach Island. At present there are about 100 homes under contract in the LBI real estate market. . You can view all homes sold in the past month by clicking here.
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July 2019 was a much slower month for the LBI real estate market compared to a year ago. Sales were as follows:
Single Family Homes
Average Price: $963,691
Average Percentage of Listing Price: 95.25%
Average Days on Market: 111
Condominiums
Price: $460,750
Percentage of Listing Price: 94.21%
Days on Market: 48
The LBI real estate market saw a significant slowdown from both a year over year comparison and from a month to month analysis. Looking back one year ago to July 2018 there were 31 single family homes sold with an average price of $1,164,661. July 2019 saw only 23 sales and an average price of $963,691. Interestingly the condo market showed the same number of units sold and an average price of about $50,000 more in 2019. Similarly the number of sales and the average price took a strong hit from June to July. While one month is not enough to cause alarm, there are some signs of a slowdown in the local and national real estate market so it is important for buyers and sellers to pay attention to the current market trends. At present there are about 115 properties under contract in the Long Beach Island real estate market. The is the bright spot of the market as this number is higher than we have seen in the past few months. You can view all homes sold in the past month by clicking here.
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Overall activity in the LBI real estate market slowed down in June compared to May. This is typically for this time of year. Sales were as follows:
Single Family Homes
Average Price: $1,241,242
Average Percentage of Listing Price: 94.49%
Average Days on Market: 105
Condominiums
Price: $491,267
Percentage of Listing Price: 95.93%
Days on Market: 175
Compared to one year ago sales there were fewer sales in the LBI real estate market. June 2019 saw a total of 45 single family homes and condos sold whereas 49 sold in 2018 and 69 in 2017. While overall activity was slower, prices were higher. In fact June 2019 saw a higher average price than either 2018 or 2017 for a single family home. All totaled 2019 is a little behind 2018 but not by enough of a margin to cause alarm. It seems that activity has leveled off in the LBI real estate market with a slower rate of appreciation than we saw after Hurricane Sandy though 2017. You can view all homes sold in the past month by clicking here.
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May saw very similar activity as April. Sales were as follows:
Single Family Homes
Average Price: $1,058,072
Average Percentage of Listing Price: 95.03%
Average Days on Market: 119
Condominiums
Price: $496,036
Percentage of Listing Price: 95.00%
Days on Market: 139
Overall activity was higher in May 2019 as compared to May 2018. There were fewer single family homes sold (50 in 2019 compared to 54 in 2019) but there were more condos sold (14 in 2019 compared to 9 in 2018). This makes a total of 64 transactions in 2019 compared to 63 in 2018. The average price of a single family home was about the same between the two years. Overall sales are still down a little in 2019 but the market has been performing well over the past couple of months. These numbers still lag behind those of 2017 which seems to have been the high point in the market. Currently there are about 90 homes under contract in the LBI real estate market. You can view all homes sold in the past month by clicking here.
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The LBI real estate market saw stronger activity in April but it still lags behind the high point of 2017. Sales were as follows:
Single Family Homes
Average Price: $1,092,800
Average Percentage of Listing Price: 94.70%
Average Days on Market: 94
Condominiums
Price: $516,429
Percentage of Listing Price: 97.99%
Days on Market: 87
The LBI real estate market had another strong month in April. While 2019 got off to a slow start, March and April picked up considerably. Year over year April 2019 beat April 2018 in both price ($1,029,136 in 2018 and $1,092,800 in 2019) and volume (47 in 2018 and 50 in 2019). Compared to April 2017, this year had fewer sales (50 in 2019 and 55 in 2017) but the average price was about 5% higher. The data still shows us that 2017 was the high water market for market volume on Long Beach Island but prices seem to have risen by a few percentage points while showing lower but still comparable volume. There are currently about 105 homes under contract in the LBI real estate market which again is comparable to past years but still lower than 2017. You can view all homes sold in the past month by clicking here.
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The LBI real estate market saw stronger activity in March 2019 but it still lags behind the high point of 2017. Sales were as follows:
Single Family Homes
Average Price: $1,441,234
Average Percentage of Listing Price: 95.77%
Average Days on Market: 91
Condominiums
Price: $588,444
Percentage of Listing Price: 95.91%
Days on Market: 137
Sales in March were much higher than in February. The number of sales in March 2019 was almost identical to 2018 (43 single family homes and 9 condos in 2019 compared to 44 single family homes and 9 condos in 2018). The average price of a single family homes was much higher in 2019 than 2018 as well. This is the first month so far in 2019 where the sales data has been encouraging. Year to date sales are still lower than 20108 and lower than the high of 2017. As a point of reference there were 54 single family homes sold in 2017 and 9 condos. There are currently about 110 homes pending on Long Beach Island which is a rather significant increase over last month. You can view all homes sold in the past month by clicking here.
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February started off a little slower than last year however the average price held steady. Sales were as follows:
Single Family Homes
Average Price: $1,156,175
Average Percentage of Listing Price: 94.59%
Average Days on Market: 98
Condominiums
Price: $387,500
Percentage of Listing Price: 97.63%
Days on Market: 74
February 2019 showed a stable sales price for a single family home but lower activity overall. Looking back to February 2018 we see fewer single family home sales. In 2018 there were 21 single family homes sold and 3 condos whereas 2019 saw 19 single family homes sold and the same number of condos. The average price of a single family home was basically unchanged ($1,135,024 in 2018 and $1,156,175 in 2019). There are currently about 80 homes under contract in the LBI real estate market and while this is an improvement over January's pending sales, activity is still lower overall. You can view all homes sold in the past month by clicking here.
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January 2019 started off more or less on par with a year ago. Sales were as follows:
Single Family Homes
Average Price: $1,179,656
Average Percentage of Listing Price: 94.5%
Average Days on Market: 118
Condominiums
Price: $505,667
Percentage of Listing Price: 95.37%
Days on Market: 230
Looking back to January 2018 we see the LBI real estate market is off to a slightly slower start. There were 2 less single family homes sold in 2019 and the average price was about $50,000 less. Overall these are not significant numbers but if these trends continue it could be the sign of a slowing market on LBI. At present there are about 60-75 homes under contract on LBI so activity is still holding steady. You can view all homes sold in the past month by clicking here.
