LBI Market Insights

LBI Market Overview

2022 Mid-Year 

The LBI market is slowing down, which is in line with current trends throughout our National real estate market. The prospect of a housing bubble have been mainly dismissed, but a consensus if forming that a mild recession could be felt later this year or into 2023. Prices are not dropping, but the increases are slowing down. Inventory is rising.

2021 End of Year

Although the market is still moving along nicely with buyer activity, it is showing some signs of cooling off. Inventory is rising and as buyer’s are having more choices, they are not feeling the pressure to jump at any listing that comes their way or to overbid for the property.

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 – 2021 to 2022   Mid Year 

Year # Units Sold Average Sales Price (ASP) Avg Days On  MKT % Sale to List Price
2022 79 $1,837,783 56 98.7%
2021 93 $1,549,775 61 100

 


LBI MARKETRENDS – Jan to Dec 2021 – by town  

 

TOWN

# Units Sold Average Sales Price Avg Days On Market

% List  to Sales Price

Holgate 53 $1,609,628 59 100%
Beach Haven 58 $1,465,271 60 99.4%
LBT South 150 $1,602,274 37 100%
Ship Bottom & Surf City 119 $1,262,995 45 99.3%

North Beach,
Harvey Cedars, Loveladies

96 $2,099,390 77 100%
Barnegat Light 33 $1,343,764 46 99.8%
High Bar Harbor 13 $1,314,423 32 100%

Historic LBI MARKETRENDS all of LBI – by year

YEAR Units  Pending Total Units Sold Avg. Sales Price

(ASP)

New

Listings

Average Days on Market Sold as % of List Price
2012 62 369 $939,150 766 176 93%
2013 55 306 $904,813 804 157 93%
2014  52 377 $974,864 992 145 94%
2015 59 425 $1,027,591 950 181 95%
2016 56 473 $990,184 958 161 95.4%
2017  59 540 $1,106,290 1,018 119 96.1%
2018 48 490 $1,116,102 971 114 95.7%
2019 40 496 $1,159,300 934 102 95.9%
2020 75 720 $1,322,376 823 109 97.2%
2021 64 530 $1,587,337 634 49 100%

 


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.