LBI Market Overview
2020 2nd Quarter
Even though we lost almost 2 months from our Spring Selling Season do to COVID-19 the market has made up for the lost time. Units are a bit behind but looking at the large number of pending properties slated for closing shortly we will most likely be ahead in units closed by 3rd Q. Inventory remains very low, which will most likely push prices up.
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 – 2nd Q
| YEAR | Total Units Sold | Avg. Sales Price(ASP) | New Listings | Average Days on Market | Sold as % of List Price |
| 2019 | 298 | $1,026,614 | 521 | 102 | 95.8 | |
| 2020 | 120 | $1,016,797 | 437 | 133 | 95.9 |
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, |
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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