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.
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May saw about the same number of sales as the prior month in the LBI real estate market. Sales were as follows:
Single Family Homes
Average Price: $1,732,367
Average Percentage of Listing Price: 99.0%
Average Days on Market: 48
Condominiums
Price: $1,037,375
Percentage of Listing Price: 102%
Days on Market: 43
The number of closed sales has remained about the same in the past several months, which makes perfect sense when one considers that the number of homes for sale on Long Beach Island has remained almost unchanged. Inventory is being absorbed as quickly as it comes on the market and so long as this demand persists, we will most likely be in the kind of sales environment. While there has been some improvement in the inventory levels, we are still well below average with about 120 homes and condos on the market for sale.
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April saw another steady month of home sales in the Long Beach Island NJ real estate market in spite of a low inventory environment. Sales were as follows:
Single Family Homes
Average Price: $1,857,546
Average Percentage of Listing Price: 99.1%
Average Days on Market: 60
Condominiums
Price: $667,477
Percentage of Listing Price: 97.1%
Days on Market: 68
There was one more sold home in April 2022 as compared to March 2022. The average price of a single family home on LBI saw a significant jump with the average sales price about $200,000 higher than last month. The market has been holding steady with roughly 30-40 transaction each month. At present, there are about 86 single-family homes for sale ( a number of which already have offers on them) and about 90 pending single-family homes on LBI. This represents a marginal improvement in the number of homes for sale in the Long Beach Island real estate market.
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March saw a notable up-tick in activity over the previous month. Sales were as follows:
Single Family Homes
Average Price: $1,686,786
Average Percentage of Listing Price: 98.2%
Average Days on Market: 60
Condominiums
Price: $843,333
Percentage of Listing Price: 98.2%
Days on Market: 72
The number of closed sales saw a large increase, which is not surprising given the time of year. January and February closed sales reflect the slower holiday season where as March and April sales will reflect the busier winter months. As we come into the spring market, buyers face a challenging environment which low inventory and rising interest rates. It is doubtful the higher rates will have an meaningful impact on prices in the LBI real estate market, especially when inventory is so low. At present, there are about 80 single-family homes for sale ( a number of which already have offers on them) and about 95 pending single-family homes.
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February saw a further reduction in the number of homes for sale and buyer activity soared. Sales were as follows:
Single Family Homes
Average Price: $1,419,367
Average Percentage of Listing Price: 96.6%
Average Days on Market: 65
Condominiums
Price: $662,000
Percentage of Listing Price: 986.9%
Days on Market: 48
The number of closed sales fell in February as compared to January and was far lower than February 2021. None of that is a surprise. Inventory is so low, there are simply not enough homes to go around. While buyer activity and confidence in the LBI real estate market is very strong, without more inventory, the volume of home sales will drop. Right now, there are less than 90 active single family homes for sale on Long Beach Island, and by my estimation roughly a third of those listings have an offer or are in attorney review. Buyers still have a lot of opportunity in the market if they understand what makes value and are willing to be competitive. When the right opportunity presents itself, a buyer has to act. With the unfortunate conflict in the Ukraine, interest rates have dropped back down. Rates were increasing so this dip in rates can offer a good incentive for a buyer at the moment.
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2022 started off with about a quarter of the transactions as January 2021 did and with a higher average price, but that is to be expected in this low inventory environment. Sales were as follows:
Single Family Homes
Average Price: $1,878,290
Average Percentage of Listing Price: 97.8%
Average Days on Market: 36
Condominiums
Price: $689,750
Percentage of Listing Price: 98.3%
Days on Market: 38
The LBI real estate changed a great deal in the last 12 months. A year or year comparison shows a price increase of about 25.8% while the number of sold homes dropped by about 36%. With so few homes on the market for sale, this trend is unlikely to reverse. In January 2021 there were around 200 homes for sale in the LBI real estate market and today, there are about 125. The general consensus is that interest rates will rise in 2022, and we have already started to see this take shape. It is doubtful that this will have a significant impact on the sales market. Buyers can expect to face stiff competition, but there are still plenty of opportunities out there. It just takes patience and discipline!
