LBI Market Overview
2019 2nd Quarter
The first quarter started a bit slow but picked up some speed by end of March. By mid year the Average Sales Price has increased almost by 10% over 2018 ASP for the same time period.
Buyer activity remains strong and inventory remains low. 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
2nd Q Comparison – 2019 to 2018
| YEAR | Units Pending | Total Units Sold | Avg. Sales Price
(ASP) |
New
Listings |
Average Days on Market | Sold as % of List Price |
| 2019 2Q | 49 | 230 | $1,173,150 | 521 | 99 | 95.7 |
| 2018 2Q | 61 | 240 | $1,099,895 | 485 | 116 | 95.7 |
LBI MARKETRENDS – EOY 2018 – by town
|
TOWN |
# Units Sold | Average
Sales Price |
Avg Days On Market |
% List to Sales Price |
| Holgate | 25 | $1,066,978 | 92 | 95.3 |
| Beach Haven | 65 | $1,130,331 | 100 | 96.4 |
| LBT South | 150 | $1,165,892 | 92 | 96.1 |
| Ship Bottom & Surf City | 106 | $879,135 | 111 | 96.2 |
|
North Beach, Harvey Cedars, Loveladies |
100 | $1,381,788 | 142 | 95.0 |
| Barnegat Light | 37 | $858,062 | 145 | 94.4 |
| High Bar Harbor | 9 | $729,131 | 143 | 95.5 |
LBI MARKETRENDS all of LBI – by year
|
YEAR |
# Units Sold | Average
Sales 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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