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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September saw an uptick in activity with more sales and more listing entering the market LBI real estate transactions were as follows:
Single Family Homes
Average Price: $2,661,671
Average Percentage of Listing Price: 96.3%
Average Days on Market: 73
Condominiums
2 Condo Sold
Average Price: $895,000
Average Percentage of Listing Price: 98.0%
Average Days on Market: 19
The market in September saw more sales at a higher price than August of 2024 and a year-over-year comparison in September 2023. The average price of a single-family home was about $600,000 higher in September 2024 and September 2023. Homes spent a little longer on the market, about 10 days, but overall, the market was much stronger in 2024 than in 2023 in September. Inventory levels have increased in September, which is to be expected, and that has drawn more buyers into the market. There are currently about 130 single-family homes for sale in the market compared to about 120 the month before.
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The final month of summer saw a drop off in sales activity, which is typical for the time of year. The fall market usually picks up after a slower August. That said, there were will more single-family homes sold in August 2024 than August 2023 so activity remains strong. LBI real estate transactions were as follows:
Single Family Homes
Average Price: $2,253,132
Average Percentage of Listing Price: 97.5%
Average Days on Market: 64
Condominiums
1 Condo Sold
Average Price: $400,000
A year over year comparison shows about the same activity. There was one more single family home sold, but the average sales price was slightly lower (within a rounding digit). Demand remains high throughout the LBI real estate market as shown by the lower days on market and less negotiation between listing price and sales price. On average, homes sold about 10 days fast in 2024 and there was a roughly 1% drop in the amount of negotiation between listing price and sales price. Currently, there are 121 single-family homes for sale in the LBI real estate market and 63 pending home sales. This is one of the highest counts of single family homes for sale since last year in the LBI real estate market. This seasonal trend is normal and expected as homeowners list this homes for the fall market after one final summer of use or rental income.
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At the halfway point of summer, home sales on Long Beach Island are booming. The number of sales and the average price are both higher. LBI real estate transactions were as follows:
Single Family Homes
Average Price: $2,171,344
Average Percentage of Listing Price: 96.8%
Average Days on Market: 78
Condominiums
5 Condos Sold
Average Price: $1,295,000
Average Percentage of Listing Price: 97.1%
Average Days on Market: 49
A year-over-year comparison of the LBI real estate market shows significant growth. In 2024, there were 32 single-family homes sold with an average price of $2,171,344 compared to 25 homes sold in 2023 with an average price of $1,971,100. The condo market also showed improvement with 5 sales in 2024 compared to only 1 in 2023. This growth highlights the strong demand in the LBI real estate market. Currently, there are 115 single-family homes for sale in the LBI real estate market and 55 pending home sales, indicating a healthy market for potential sellers.
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We are well into the summer season on Long Beach Island, and June typically sees some strong activity. LBI real estate transactions were as follows:
Single Family Homes
Average Price: $2,163,333
Average Percentage of Listing Price: 97.4%
Average Days on Market: 68
Condominiums
2 Condos Sold
Average Price: $1,049,950
Average Percentage of Listing Price: 95.7%
Average Days on Market: 132
We saw a comparable trend in June 2024 to May 2024. There were fewer sales overall, but this is tied to lower inventory levels. Looking at LBI real estate market activity, we see an almost perfect balance of new listings and pending sales each week, which tells us that both demand and confidence remains very strong. The average price of a single family home in June 2024 was slightly higher than the average price in June of 2023, so prices are holding steady. There have been some slight improvements in mortgage rates, so this could potentially drive more buyers into the LBI real estate market as the fall market approaches. Inventory remains low with about 107 active single family homes for sale on Long Beach Island and 53 pending sales.
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May is always an important month in the LBI real estate market as it is one of the last months to buy a home and still enjoy the full summer season on Long Beach Island. Buyers were active in May with strong activity across the board! LBI real estate transactions were as follows:
Single Family Homes
Average Price: $3,216,529
Average Percentage of Listing Price: 97.5%
Average Days on Market: 108
Condominiums
5 Condos Sold
Average Price: $1,079,000
Average Percentage of Listing Price: 95.5%
Average Days on Market: 110
With a total of 31 sold single-family homes and condo, May saw a lot of activity. Compared to a May of last year, there were few sales, but there are also fewer homes for sale, so a decline in the number of units sold is to be expected. For context, there were about 130 single-family homes for sale in May 2023 compared to just over 100 in May of 2024. The average price of a single-family home was considerably higher this year compared to last, and even higher than last month's average price of just under $2,500,000. One surprising negative statistic was the time on market. It took a home around 110 days on average to sell in May of 2024 which is about twice as long as last month. It will be interesting to see if this is an anomaly or if homes will start to see longer times on the market. Overall, it was a strong month in the LBI real estate market and buyer activity remains very high.
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April saw a large increase in closed sales compared to the same time a year ago. Buyers are still very active in the Long Beach Island real estate market! LBI real estate transactions were as follows:
Single Family Homes
Average Price: $2,466,588
Average Percentage of Listing Price: 96.9%
Average Days on Market: 57
Condominiums
0 Condos Sold
April was a strong month in the LBI real estate market. While there were slightly less sales than the prior month, there were far more closed sales in April of 2024 than there were in April of 2023. The year over year comparison is always the best gauge in the LBI real estate market as it accounts for seasonal trends. The average price of a single family home was higher than the previous month, and slightly higher than it was in 2023. Interestingly enough, there were no condos sold this month! Inventory remains low with about 100 active single family homes for sale on Long Beach Island and 50 pending sales.
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March 2024 showed an increase in the number of sold homes compared to the prior year. A year over year comparison is always helpful, and the current market trends show just how stable the Long Beach Island real estate market is. LBI real estate transactions were as follows:
Single Family Homes
Average Price: $1,912,440
Average Percentage of Listing Price: 96.5%
Average Days on Market: 50
Condominiums
5 Condos Sold
Price: $619,000
Percentage of Listing Price: 97.5%
Days on Market: 142
There was a stark increase in the number of homes sold in March 2024 compared to March 2023. While activity was higher, the average price was down about 8%-10%. This is not to infer that prices have dropped in the LBI real estate market, rather the nature of homes that traded was different from year to year. There are fewer new constructions for sale right now than historically have been on the market and, since new construction tends to sell for more money, it makes sense that the average price is lower. The activity is higher, and in many ways, that is the best indicator of the market. Buyers are willing to buy and that shows a high level of confidence in the LBI real estate sales market. Inventory is still low with about 110 active single family homes for sale on Long Beach Island and 45 pending sales.
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February saw an increase in the number of sold homes compared to January 2024. This makes sense as there are a few more homes on the market now than there were in November and December (when sales would have originated for a January closing). LBI real estate transactions were as follows:
Single Family Homes
Average Price: $1,791,432
Average Percentage of Listing Price: 95.4%
Average Days on Market: 99
Condominiums
1 Condo Sold
Price: $675,000
Percentage of Listing Price: 99.4%
Days on Market: 35
While buyer confidence remains high, there is one statistic this month that stands out. The difference between listing price and sales price increased to the widest point that we have seen in the past 6 months. There was a difference, on average, of almost 5% between the listing price and the sales price of a single-family home on LBI! We are still seeing strong demand, but clearly buyers are being more cautious on price and expecting sellers to negotiate more from their listing number. The average sales price of a single-family home was about $300,000 lower in February 2024 when compared to February 2023, but there were about 30% more sales in 2024 than in 2023!
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The new year started off with fewer sales and a lower average sales price when compared to a year ago, but in spite of this, demand remains high on LBI and the overall outlook for the market is still positive LBI real estate transactions were as follows:
Single Family Homes
Average Price: $1,879,917
Average Percentage of Listing Price: 97.6%
Average Days on Market: 92
Condominiums
1 Condo Sold
Price: $845,000
Percentage of Listing Price: 99.4%
Days on Market: 88
January tends to be a lower month for closed transactions since buyer activity wanes over the holiday season in November and December. Typically, the market will pick up from mid-January through the Spring, and this year is no exception. The primary issue facing the LBI real estate market is still inventory. In January 2023, 19 single-family homes and condos were sold. In January 2024, there were 17. This is a small drop in activity, especially when there are about 20% fewer homes for sale in the LBI real estate market compared to the same time last year. Currently, fewer than 100 unencumbered single-family homes are for sale in the LBI real estate market. Demand is still strong, and a higher percentage of the available market is under contract compared to a year ago, so buyer confidence remains strong.
