LBI Market Insights

LBI Market Overview

2021 2ndQ-YTD

Milestones continue to be made in the LBI real estate market. Average Sales Price showing nearly a 28% increase over this time last year. Inventory levels remains low; however, the last few weeks are showing a slight rise. According to our MLS, some areas are showing a slight decline in buyer activity. The market has been COVID driven and with more people returning to work and school, some pressure might be off to have a safe haven at ‘The Beach’. Also, there is talk about changing tax laws such as: higher top tax bracket, raising long term capital gains rate and capping 1031 Exchanges exemptions from taxation. These may impact some buyer’s decisions on 2nd home purchases and the value of investment properties at the shore.

2020  End of Year

Certainly a wild ride this year. LBI real estate market was slowly moving in an upward fashion in the beginning of the year. In March, when COVID forced shut downs so did the market for a while. As more folks were sheltering in place and working from home, LBI looked like a great place to work from or to become a respite.

By June the market took off. The LBI market remains a very hot market. Inventory is extremely low and buyer activity is quite high. Leading sometimes to bidding wars. Prices are rising obviously as the demand is far outpacing the supply.

2019 End of Year 

The first quarter started a bit slow but picked up some speed by the end of March. The summer was much busier than normal. By end of year, the Average Sales Price increased 3.2% to $1,159,300. The number of units sold was about the same as in 2018 with 496 to 490 in 2018.  Inventory remains low and the market continues to be more of a seller’s market.

2018 End of Year

The LBI market is holding steady this year. Average Sales Price (ASP) ended the year at  $1,116,102 compared to end of year  2017 at $1,106,278.

Days On Market are averaging 114 this year compared to 120 last year. The Percent Of Final List Price to Sold Price is holding steady around 95.7%. Inventory levels are still low, as of January 3rd, 2019 there were 356 single family homes for sale. 490 homes closed. There are 48 home under contract as of 1/3/19.

Buyer activity levels were running brisk early in the year, there was a bit of a slow down which took place in the 3rd Quarter. Elections usually put a pause on our markets. The turmoil in Washington, DC might continue this pause into the First Quarter of 2019.

LBI Sales Statistics

Comparison – 2020 to 2021 YTD

YEAR Total Units Sold Avg. Sales Price(ASP) New Listings Average Days on Market Sold as % of List Price
2020  230 $1,086,865 367 132 95.7%
2021 290 $1,521,875 313 57 100%

LBI MARKETRENDS – Jan to June 2021 – by town  

 

TOWN

# Units Sold Average Sales Price Avg Days On Market

% List  to Sales Price

Holgate 33 $1,618,284 80 100%
Beach Haven 36 $1,429,826 64 99.4%
LBT South 83 $1,558,043 44 100%
Ship Bottom & Surf City 67 $1,131,183 50 99.3%

North Beach,
Harvey Cedars, Loveladies

49 $2,001,675 65 98.6%
Barnegat Light 16 $1,233,000 48 100%
High Bar Harbor 8 $1,429,375 33 98%

Historic LBI MARKETRENDS all of LBI – by year

 YEAR

 # Units Sold  AverageSales Price Avg Days On Market

% List  to Sales Price

2012

369 $939,150 176 93%

2013

306 $904,813 157 93%

2014

379 $974,864 145 94%

2015

425 $1,027,591 181 95%

2016

473 $990,184 161 95.4%

2017

540 $1,106,290 119 96.1%

2018

490 $1,116,102 114 95.7%

 


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