LBI Market Insights

LBI Market Overview 

2020 1st Quarter

There is no significant change from first quarter 2019 over first quarter 2020. Average sales price came down from $1,070,736 in 2019 to $1,034,628 in 2020. Inventory levels are in range with last year as well as units sold and days on market.

The impact of the Covid -19 didn’t really begin to have an impact until early to mid March therefore, it will be 2nd and 3rd quarter that we may see the true impact to the LBI real estate market. All real estate companies physical locations are closed.

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 – 2019 to 2020 – 1Q

YEAR Total Units Sold Avg. Sales Price(ASP) New Listings Average Days on Market Sold as % of List Price
2019  123 $1,070,736  345     105 95.8
2020 120 $1,034,628  274 127 96.3

LBI MARKETRENDS – Jan – December 31, 2019 – by town  

 

TOWN

# Units Sold Average Sales Price Avg Days On Market

% List  to Sales Price

Holgate 28 $1,314,215 106 96.2
Beach Haven 54 $1,112,423 85 95.6
LBT South 151 $1,194,303 99 95.9
Ship Bottom & Surf City 128 $858,500 80 96

North Beach,
Harvey Cedars, Loveladies

93 $1,564,859 137 94.5
Barnegat Light 27 $889,144 118 95.9
High Bar Harbor 12 $957,325 116 94.9

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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