LBI Real Estate Monthly Sales | Long Beach Island New Jersey Real Estate

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May 2023

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 2023

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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March 2023

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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February 2023

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 challange facing the real estate market on Long Beach Island right now. Buyers are very active in the LBI real estate market. The challange 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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January 2023

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.