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, |
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% |
MarkeTrends E-Newsletter – Published twice a year with the latest LBI real estate news. Comprehensive market statistics, my ‘Crystal Ball’ forecast for the sales and rental market, along with other LBI topics of interest. Email your request to be added to my subscription list.