LBI Market Insights

LBI Market Overview 

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 – 2019 to 2020 – 2nd Q

YEAR Total Units Sold Avg. Sales Price(ASP) New Listings Average Days on Market Sold as % of List Price
2019  496 $1,159,300 934 102 95.9%
2020 720 $1,322,376 823 109 97.2%

LBI MARKETRENDS – Jan – December 31, 2020 – by town  

 

TOWN

# Units Sold Average Sales Price Avg Days On Market

% List  to Sales Price

Holgate 44 $1,190,663 185 96.6
Beach Haven 79 $1,427,960 128 96.5
LBT South 210 $1,336,295 84 97.3
Ship Bottom & Surf City 151 $1,067,638 100 97.6

North Beach,
Harvey Cedars, Loveladies

154 $1,557,981 127 96.6
Barnegat Light 38 $1,229,921 97.6% 95.9
High Bar Harbor 19 $1,044,547 71 98.1

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.