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

June 2020

The real estate market on Long Beach Island is on fire. Frankly, it is a level of activity that knows no recent precedent! Sales in June 2020 were as follows:

Single Family Homes

Average Price: $1,197,867
Average Percentage of Listing Price: 94.64%
Average Days on Market: 146

Condominiums

Price: $890,000
Percentage of Listing Price: 96.47%
Days on Market: 73

The amount of activity in the LBI real estate market is amazing. We are without a doubt in a seller's market. There are currently over 150 pending sales on LBI and inventory is about half of what it was a year ago. The question is, will it last? There is a real sense of urgency to be in a home for Summer 2020, especially with travel imitations in place. Some of the buyer activity is undoubtedly fueled by this along with other external factors like low interest rates. That said, the real estate market on Long Beach Island has always proven to be resilient and the trends we are currently witnessing seem to point to the market remaining strong in the near term. You can view all homes sold in the past month by clicking here.

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May 2020

May showed some interesting sales statistics as the world, and the LBI real estate market, began to see some reactive data from COVID-19. Sales in May 2020 were as follows:

Single Family Homes

Average Price: $978,869
Average Percentage of Listing Price: 94.3%
Average Days on Market: 136

Condominiums

Price: $530,393
Percentage of Listing Price: 97.2%
Days on Market: 102

There was a sharp drop off in sales this month compared to both the preceding month and a year over year (May 2019 to May 2020) examination. This is not at all surprising. We have to remember that sales data reported on this website originated, in most cases, 30-60 days prior. That places us at the height of the COVID outbreak. Buyer confidence was understandably low and showing homes was difficult if not impossible. This is a stark contrast to the market we are witnessing today. Buyer activity is extraordinarily high right now and the market is busier than I have ever seen it in 15 years of selling real estate on Long Beach Island. At present there are about 130 pending sales on the market. Compared to the same time last year there were only 90! That is a massive increase in activity. We will keep an eye on the situation to see if these trends continue. You can view all homes sold in the past month by clicking here.

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April 2020

As the world continues to understand the full impact of COVID-19 or coronavirus, we are starting to see some normalcy return to Long Beach Island and the LBI real estate market. Plans are in place to open LBI for Summer 2020 and the market seems to be responding in kind. Sales in April were as follows:

Single Family Homes

Average Price: $971,634
Average Percentage of Listing Price: 96.06%
Average Days on Market: 122

Condominiums

Price: $539,250
Percentage of Listing Price: 97.7%
Days on Market: 112

It is astounding to see that closed sales INCREASED in April 2020 when compared to April 2019. There were 57 sold single-family homes and 8 condos closed in 2020 for a total of 65 transactions. In April 2019, there were 50 single-family homes and 7 condos for a total of 57 transactions. While it is fair to say that some of these transactions originated before the full impact of coronavirus was known, it is also fair to say that buyers were not turned away by the virus and backed out of a contract. Likewise, a number of these transactions would have originated during March when COVID-19 was peaking. While the situation is day to day and every day brings something different, April saw a significant improvement over March and this helps to demonstrate the stability of the LBI real estate market. The bad news is at present there are only 54 pending sales. Compared to a year ago there were over 100. This will lead to a drop off in sales unless activity picks up. Anecdotally, we are seeing far more activity so it is likely that this gap will lessen. You can view all homes sold in the past month by clicking here.

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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

Average Price: $969,842
Average Percentage of Listing Price: 95.81%
Average Days on Market: 92

Condominiums

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 important 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

Average Price: $1,131,038
Average Percentage of Listing Price: 96.04%
Average Days on Market: 100

Condominiums

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

Average Price: $1,212,724
Average Percentage of Listing Price: 95.42%
Average Days on Market: 162

Condominiums

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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