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
Read LBI real estate monthly sales and Long Beach Island New Jersey real estate information provided by Nathan Colmer of The Van Dyk Group. LBI real estate sales are broken down on a month by month basis for single family homes, condos and duplexes on Long Beach Island.
What a year 2023 was for real estate! The year started with interest rates rapidly increasing, and many predicted that home prices would plummet as a result. On the contrary, prices were higher in the LBI real estate market in 2023, and a higher percentage of the available inventory traded than it did in 2022. LBI real estate transactions for the year were as follows:
Single Family Homes
Average Price: $2,078,643
Average Percentage of Listing Price: 96.5%
Average Days on Market: 65
Condominiums
28 Condos Sold
Average Price: $865,325
Average Percentage of Listing Price: 98.7%
Average Days on Market: 54
Despite the challenges that buyers faced this year, there were 392 closed transactions on Long Beach Island when you add up single-family homes, condos, duplexes, vacant land, and commercial transactions. This is an incredible amount of market activity, considering that inventory is near an all-time low. Currently, fewer than 100 single-family homes are for sale in the LBI real estate market. The fact that buyers entered the market in such high numbers this year shows the overwhelming confidence in the LBI real estate market and the future of home prices on Long Beach Island. The average price of a single-family home in 2023 was about $2,078,000 compared to about $1,925,000 in 2022. This is a significant increase in the average home price, especially considering the dire predictions made as interest rates rose. Looking forward to 2024, the overwhelming majority of economists predict that interest rates will drop, some say into the 5% range by Spring, which is a mixed bag for buyers. While the lower interest rates are welcomed news, it is likely that we will also see increased competition from buyers, which, most likely, will lead to higher home prices in 2024. The lack of inventory remains the biggest challenge to the home market right now, as supply simply cannot meet demand. Each week, we see a balance between new listings and pending sales, which again shows the strength and confidence of the LBI real estate market but does little to help the inventory numbers. The good news is, there are still buying opportunities in the market, it just takes time and patience to find them. 2024 promises to be another interesting year for buyers and sellers in the LBI real estate market!
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The last month of 2023 ended on a positive note with steady activity. LBI real estate transactions were as follows:
Single Family Homes
Average Price: $1,642,322
Average Percentage of Listing Price: 95.4%
Average Days on Market: 42
Condominiums
0 Sold
The Long Beach Island real estate market saw fewer transactions in December than in November, but that is almost always the case during the holiday season. Compared to a year ago, there was one more closed transaction (23 in 2023 compared to 22 in 2022). This is more impactful than it seems, given there are fewer homes for sale this December than last December. With fewer options to pick from, the fact that buyers are still entering the market shows not only the LBI real estate market's resilience but also the optimism buyers have for the future of home sales and home prices on Long Beach Island. There are fewer than 100 single-family homes for sale on LBI right now, so with 23 closed sales this month, we are seeing a much higher percentage of the market trade than last year.
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As we close in to the end of 2023, the LBI real estate market continues to perform well with a total of 32 sold single-family homes and condos. LBI real estate transactions were as follows:
Single Family Homes
Average Price: $1,795,245
Average Percentage of Listing Price: 95.6%
Average Days on Market: 84
Condominiums
2 Sold
The Long Beach Island real estate market remained strong in November with steady activity. Compared to November 2022, the average price of a single family home was slightly lower, but there were about 10% more homes sold this year over last. The difference between list price and sales price, as well as the length of time it took to sell, is almost identical between the 2 years. Overall, the number of homes for sale on Long Beach Island has fallen over the pats few months. Currently there are about 107 homes for sale and 50 pending listings in the Long Beach Island NJ real estate sales market. This is one of the lowest numbers of active single-family homes that we have seen in months!
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October continued the uptick in closed transactions on Long Beach Island. LBI real estate transactions were as follows:
Single Family Homes
Average Price: $2,085,793
Average Percentage of Listing Price: 96.8%
Average Days on Market: 66
Condominiums
6 Sold
Average Price: $1,023,667
Average Percentage of Listing Price: 96.4%
Average Days on Market: 46
The sale numbers between September and October of this year are remarkable. The same number of single-family homes sold (29) and the average price saw a difference of only $1,000! There was a slight increase in the difference between listing and sales price, but homes sold in about 1/3rd of the time in October as compared to September. In total there were 35 closed single family homes and condos in October 2023 whereas September 2023 saw a total of 30 closed units. Currently there are about 130 homes for sale and 50 pending listings in the Long Beach Island NJ real estate sales market which represents a small increase compared to last month..
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The fall market on Long Beach Island is officially here! LBI real estate transactions were as follows:
Single Family Homes
Average Price: $2,084,141
Average Percentage of Listing Price: 97.1%
Average Days on Market: 95
Condominiums
1 Sold
Activity was interesting this month. There were a total of 30 closed sales on LBI which is actually higher than last year! In September of 2022 there were 28 closed sales. While an increase of 2 transactions may not seem like a lot, we have to remember that there are far fewer homes for sale today than there were a year ago. From this we can conclude that demand is probably higher today than it was a year ago since more buyers are willing to draw from a smaller pool of homes. The sales price was a little higher this year as well, which is what we have been seeing month to month. Currently there are about 125 homes for sale and 57 pending listings in the Long Beach Island NJ real estate sales market.
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While inventory remains low on Long Beach Island, August traditionally sees an increase in new listings. This August proved this trend is still in full force as we saw a surge in new homes hitting the market. LBI real estate transactions were as follows:
Single Family Homes
Average Price: $2,332,141
Average Percentage of Listing Price: 96.8%
Average Days on Market: 73
Condominiums
3 Sold
Average Price: $934,333
Average Percentage of Listing Price: 96.5%
Average Days on Market: 111
With a total of 25 closed sales in the LBI real estate market, August showed stable activity. There have been more new homes coming on the market, but there has also been an increase in the number of pending sales as the new inventory is absorbed into the market. This shows how strong the real estate market is on Long Beach Island. There is clearly pent up buyer demand and confidence remains high. Right now, there are about 118 active listings in the LBI real estate market, which is still very low.
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July saw steady activity in the Long Beach Island NJ real estate market, but sales are still hindered by low inventory levels. LBI real estate transactions were as follows:
Single Family Homes
Average Price: $1,972,100
Average Percentage of Listing Price: 95.9%
Average Days on Market: 54
Condominiums
1 Sold
Price: $760,000
There were only 26 closed sales in the month of July, but overall interest in the LBI real estate market remains at an all time high. There are simply not enough homes to meet current demand. Towards the end of the month, the number of active single family homes for sale dropped to under 100. The lowest point we have seen in recent memory was about 75. Clearly, there is an inventory problem. The number of homes rose slightly over the past few days and currently, there are about 107 active single family homes, but with a "normal" balanced market being around 500 homes, there is still a very long way to go!
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June 2023 saw more closed sales than the prior month, and it was once again a mix of condos and single family homes. LBI real estate transactions were as follows:
Single Family Homes
Average Price: $2,162,461
Average Percentage of Listing Price: 97.6%
Average Days on Market: 64
Condominiums
7 Sold
Average Price: $863,714
Average Percentage of Listing Price: 101.1%
Average Days on Market: 50
The average sales price of a single family home on Long Beach Island was nearly unchanged between May and June. In fact, there was a roughly $40,000 difference between the two months. While not to minimize $40,000, in the scope of an average sales price over $2,100,000, it is close to a rounding number. The market continues to perform very well, and prices are still on the rise. The average price of a single family home has increased about 5% from June 2022 to June 2023. Inventory is the issue buyers have to contend with more than anything else. Currently, there are about 110 active single family homes and about 54 pending sales.
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May 2023 saw an increase in the number of sales overall, but interestingly enough, there were no sold condos this month! LBI real estate transactions were as follows:
Single Family Homes
Average Price: $2,126,488
Average Percentage of Listing Price: 96.9%
Average Days on Market: 69
Condominiums
While there were more closed sales this month as compared to last month, the average price of a single family home dropped slight in the LBI real estate market. There was also a little more negotiation between the listing price and the sales price of a home as compared to last month. The number of days dropped, which is also to be expected as buyers look to complete a transaction before the start of the summer season on Long Beach Island. A look at the year over year numbers, comparing this month to May 2022, the average price of a single family home is about $500,000 higher! The LBI real estate market increased over the last year by a surprising amount despite higher interest rates. Currently, there are about 130 active single family homes and about 60 pending sales.
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April showed slower overall activity, but this is to be expected in such a low inventory environment. LBI real estate transactions were as follows:
Single Family Homes
Average Price: $2,440,895
Average Percentage of Listing Price: 98%
Average Days on Market: 85
Condominiums
Average Price: $830,000
Average Percentage of Listing Price: 96.5%
Average Days on Market: 113
The number of homes for sale on Long Beach Island fell this month. There were fewer pending sales as well, but this is to be expected with so few homes for sale. It is a safe bet that roughly 10%-15% of the current "active" inventory actually has some kind of deal pending, so when you account for this, there are only around 100 homes for sale. We have seen an increase in price reductions, but I do not take this to mean that the prices in the LBI real estate market are dropping. Rather, we have seen a lot of overpriced listings come on the market (priced at a level that the LBI real estate market never actually saw). Therefore, these price reductions bring the listings in line with where they always should have been. Buyer demand remains very strong, and with low inventory and high demand, it is likely that prices will remain stable or continue to rise (at a slower pace than we have seen in the past few years). There are about 120 single-family homes for sale on Long Beach Island and about 50 pending sales as of my writing this update.
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The number of homes for sale on Long Beach Island remains low, but we have started to see a very small increase (which is welcomed news for buyers). LBI real estate transactions were as follows:
Single Family Homes
Average Price: $2,182,684
Average Percentage of Listing Price: 97.3%
Average Days on Market: 56
Condominiums
Average Price: $736,000
Average Percentage of Listing Price: 98.3%
Average Days on Market: 44
There was a significant jump in the number of sold homes this month as compared to last month. This is not surprising as January and February tend to be active months in the sales market. There have been small gains in the number of homes for sale, which also helps improve the number of sold homes. One very interesting statistic is that the length of time a home spend on the market fell, and the gap between listing price and sales price narrowed. In other words, competition was more fierce in the last 2 months or so than the previous time period. Buyers are still very active in the LBI real estate market as they looks to have a home for summer 2023 on Long Beach Island. There are about 130 single-family homes for sale on Long Beach Island and about 60 pending sales as of my writing this update.
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Inventory is still low on Long Beach Island and that has impacted buyer behavior. LBI real estate transactions were as follows:
Single Family Homes
Average Price: $2,007,400
Average Percentage of Listing Price: 94.3%
Average Days on Market: 66
Condominiums
While the number of closed sales was lower in February, much of this has to do with the time of the year. February closings typically will initiate in November or December, two of the worst months in the LBI real estate market. Now that we are into the winter market, we see far more pending sales, which will translate to more closings in the next few months. Inventory levels are still very low, impacting the number of closed transactions each month. The lack of inventory is the single greatest challenge facing the real estate market on Long Beach Island right now. Buyers are very active in the LBI real estate market. The challenge is there is very little to buy. There are about 119 single-family homes for sale on Long Beach Island and about 65 pending sales as of my writing this update.
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Reflecting the low inventory levels all over LBI, January saw fewer sales, but a strong average sales price. LBI real estate transactions were as follows:
Single Family Homes
Average Price: $2,056,316
Average Percentage of Listing Price: 95%
Average Days on Market: 76
Condominiums
Overall LBI real estate market activity saw a significant drop in January. Still, this drop has more to do with inventory levels than a lack of interest in buying a home. Throughout January, there were less than 100 single-family homes for sale. This is a near historic low, and while buyers are active in the market, they need something to buy! January and February are strong months for new homes coming on the market, but as homes become available, they seem to transact rather quickly; thus, the inventory situation has changed very little. One very interesting trend to note this month is the difference between the listing price and sales price increased, as did the average time on the market. This tells us that some of the older listings have had to become more realistic to transact. This does not mean the market is dropping. Rather it shows us that sellers can no longer push prices the way they could during the height of the COVID market. At present, there are about 115 homes for sale on Long Beach Island.
