March 2020

Coronavirus! This unfortunate and tragic pandemic has dominated the news and the LBI real estate market is no exception. The impact of the virus is not yet apparent but it certainly has had an influence on buyer and seller behavior. Sales in March were as follows:

Single Family Homes

34 Sold

• Average Price: $969,842

• Average Percentage of Listing Price: 95.81%

• Average Days on Market: 92

Condominiums

6 Sold

• Price: $629,167

• Percentage of Listing Price: 96.19%

• Days on Market: 189

Sales saw a sharp drop off in March 2020 as compared to March 2019. Last year showed 43 single family homes sold and 9 condos sold for a total of 52 transactions. In 2020 we saw 40 in the same time period. Year over year sales are a good gauge of the market as they adjust for seasonal patterns (something very impactful in a summer resort community). I track daily and weekly sales on my blog and we have seen a notable increase in the number home homes coming back on the market after being under contract. This is likely due in part to Coronavirus. Currently there are about 85 pending sales on Long Beach Island. This time last year there were about 110. Despite the doom and gloom of this update, I am optimistic about the future of the LBI real estate market. The fundamentals of the market are still very strong, inventory is low and in spite of a slowdown, interest remains VERY high. Once Coronavirus is under control, the general opinion is the global economy and the LBI real estate market will see a bounce back. This too shall pass. In the meantime, stay safe!!! You can view all homes sold in the past month by clicking here.

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February 2020

February 2020 saw an explosion of sales when compared to February 2019. Sales were as follows:

Single Family Homes

26 Sold

• Average Price: $1,131,038

• Average Percentage of Listing Price: 96.04%

• Average Days on Market: 100

Condominiums

4 Sold

• Price: $526,625

• Percentage of Listing Price: 95.4%

• Days on Market: 124

The market was much higher in February 2020 when compared to February 2019. A year over year study shows 22 homes sold in 2019 and 30 sold in 2020. The average price of a single family home was about the same as well which shows a level of stability in the market. Now that we are in to March and the economic world is suffering from the Coronavirus we will have to see if there is any spillover into the LBI real estate market. At present there are over 100 pending sales which is a good sign for home sales and LBI real estate transactions moving forward. You can view all homes sold in the past month by clicking here.

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January 2020

New year new market! 2020 is an election year which can always make for some interesting market activity. Let's see how the year got started.. Sales were as follows:

Single Family Homes

38 Sold

• Average Price: $1,212,724

• Average Percentage of Listing Price: 95.42%

• Average Days on Market: 162

Condominiums

5 Sold

• Price: $480,950

• Percentage of Listing Price: 96.08%

• Days on Market: 234

The LBI real estate market got off to a good start. Compared to January 2019 there were 4 more single family homes sold and 1 less condominium. The average price of a single family home was also about $50,000 higher in 2020 as compared to 2019 but it is worth mentioning that the average price of a condo fell slightly. Overall it seems that January 2020 beat January 2019 and growth is always a positive sign to see. There are currently about 80-90 homes under contract in the Long Beach Island real estate market which is also higher than 2019. The year is off to a good start! You can view all homes sold in the past month by clicking here.

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