Nathan Colmer | The Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
Nathan Colmer | The Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
Read LBI real estate monthly sales and Long Beach Island New Jersey real estate information provided by Nathan Colmer of The Van Dyk Group. LBI real estate sales are broken down on a month by month basis for single family homes, condos and duplexes on Long Beach Island.
2021 has come to a close and what a year it was! Sales of homes in the LBI NJ real estate market were as follows for the 2021 market year:
Single Family Homes
Average Price: $1,584,752
Average Percentage of Listing Price: 99.5%
Average Days on Market: 58
Condominiums
Price: $717,619
Percentage of Listing Price: 99.5%
Days on Market: 81
There were about 200 fewer sales of single-family homes in the Long Beach Island real estate market in 2021 as compared to 2020 and a similar number of condo transactions (102 in 2021 and 105 in 2020). This is not a surprise given the very low levels of inventory that buyers have had to work with. There have been about 125-175 active listings in the MLS throughout the year, and a number of the active listings have offers or contracts on them. With so few homes for sale in the LBI real estate market, it is expected that the number of homes sold will fall. The average price of a single-family home is about $200,000 higher in 2021 than 2020, which shows that buyers are willing to be competitive in the current sales environment. Overall, confidence in the LBI real estate market remains high, and conditions are favorable for both buyers and sellers. 2022 will undoubtedly have changes to the market that we cannot predict at this time, but for now, at least, the outlook of home sales and pricing in the Long Beach Island real estate market is outstanding.
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December showed another slower month of sales but that is to be expected with the holiday season! Sales of homes in the LBI NJ real estate market were as follows:
Single Family Homes
Average Price: $1,815,432
Average Percentage of Listing Price: 96.9%
Average Days on Market: 53
Condominiums
8 Sold
Price: $737,500
Percentage of Listing Price: 100.8%
Days on Market: 22
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November sales in the Long Beach Island real estate market showed a slow down. Sales of homes in the LBI NJ real estate market were as follows:
Single Family Homes
Average Price: $1,582,280
Average Percentage of Listing Price: 97.3%
Average Days on Market: 37
Condominiums
Price: $768,857
Percentage of Listing Price: 99.5%
Days on Market: 21
For the second month in a row we have seen the average sales price of a single family home drop and the difference between listing price and sales price drop as well. That is a very interesting trend as it could single the top of the real estate market, or at least a slow down in price appreciation. We have seen more and more price drops which, along with a higher degree of negotiation, tells us that buyers have started to reach a threshold for what they will pay. To be clear, this does not mean the market is dropping or crashing. Rather, it shows us that some normalcy has returned to the market which is a good thing. There are currently about 177 properties for sale in the Long Beach Island real estate market which is a large drop from the previous month.
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October was another strong month of sales as the fall market is in full swing. Sales of homes in the LBI NJ real estate market were as follows:
Single Family Homes
Average Price: $1,619,305
Average Percentage of Listing Price: 99.8%
Average Days on Market: 35
Condominiums
Price: $643,998
Percentage of Listing Price: 101.4%
Days on Market: 30
There were a few less sales in October as compared to September and the price was a bit lower, but overall the activity was stable. One interesting statistic is the average percentage of listing price for a single family home and a condo. It dropped to less than full price for the first time in a few months for a single family home, but was balanced out by the condo market trading for 101.4% of listing price on average. There are currently about 180 properties for sale in the Long Beach Island real estate market and buyer confidence seems high for homes on Long Beach Island.
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September showed strong activity with twice the activity of August. Sales of homes in the LBI NJ real estate market were as follows:
Single Family Homes
Average Price: $1,686,333
Average Percentage of Listing Price: 102.2%
Average Days on Market: 30
Condominiums
Price: $771,750
Percentage of Listing Price: 97.3%
Days on Market: 41
The average price of a sold single family home in the LBI real estate market actually fell this month, but the number of homes sold more than doubled. It is not surprising to see the average price drop given how few homes sold in August and the fact that there were some very large transactions. September had a wider range of home sales prices, so naturally the numbers were not ask skewed by a few large sales. Homes spent less time on the market and sold for more in September as compared to August. It is likely that prices will continue to rise as inventory has fallen. There are currently about 175 properties for sale in the Long Beach Island real estate market which is a large drop from the previous month.
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Another summer is in the books-Happy September to all! Sales of homes in the LBI NJ real estate market were as follows:
Single Family Homes
Average Price: $1,748,204
Average Percentage of Listing Price: 101.4%
Average Days on Market: 32
Condominiums
Price: $555,000
Percentage of Listing Price: 100.9%
Days on Market: 41
There was a slight increase in the total number of sales in August as compared to July, but the number of homes sold still lag behind August of 2020 (which is no surprise at all). All signs point to the fall market picking up in a big way and with roughly 145 pending homes on the market, we are already seeing these increases. The average price of a single family home continues to rise and for the moment at least, shows no signs of slowing down. There are currently about 200 properties for sale in the Long Beach Island real estate market which is a little higher than last month.
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With only 30 closings in July 2021, sales on LBI dropped off a good bit. This is normal for the time of year and activity will almost certainly increase. Sales were as follows:
Single Family Homes
Average Price: $1,410,650
Average Percentage of Listing Price: 99.46%
Average Days on Market: 24
Of the 30 pending sales, 29 were single family homes so this month I have skipped a breakdown of the condo market. Overall, we are seeing an improvement in the number of homes for sale on LBI and this is an important statistic to watch. If the number of homes for sale rises significantly, that could lead to prices leveling off or even falling. All buyers, sellers and investors should pay attention to the months of supply of inventory to see where the market is heading. For now, there are around 185 active listings on Long Beach Island and about 130 pending sales so the market is still very active!
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June 2021 saw a slow down in closed transactions, but this is not entirely surprising given the time of year and the very low levels of inventory we are seeing. Sales were as follows:
Single Family Homes
Average Price: $1,703,087
Average Percentage of Listing Price: 102.9%
Average Days on Market: 36
Condominiums
Price: $862.150
Percentage of Listing Price: 101.7%
Days on Market: 9
While there were fewer sales, the other statistics that I track each month showed impressive growth. The average price of a single family home was higher, homes spent far less time on the market this month, and the average difference between the listing price and sales price increased by almost 2%. This shows that buyers are serious and willing to pay over listing price to make a deal work. The market is competitive right now but if a buyer stays focused and remains disciplined, they can find real value in the LBI real estate market. There are currently about 100 pending sales right now so what inventory there is, clearly is moving!
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May saw continued activity in the LBI real estate market as buyers get ready for the summer season. Sales were as follows:
Single Family Homes
Average Price: $1,673,304
Average Percentage of Listing Price: 100.3%
Average Days on Market: 61
Condominiums
Price: $721,827
Percentage of Listing Price: 101.4%
Days on Market: 94
With 63 sales of single family homes and condos in the LBI real estate market, clearly activity was strong. Buyers are working hard to get in a home for the summer season and it shows in the numbers. Both single family homes and condos showed an average listing price to sales price ratio of OVER 100%. While of course this is an average with some sales trading for less than list price and others trading over, it is clear that buyers are being competitive.
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April's sales dropped off in the number of closed units and the average price, but the days on the market and the difference between listing price and sales price improved. Sales were as follows:
Single Family Homes
Average Price: $1,372,932
Average Percentage of Listing Price: 100.1%
Average Days on Market: 61
Condominiums
Price: $681,364
Percentage of Listing Price: 99.7%
Days on Market: 164
The most interesting trend noted in April is that the average listing price and sales price of a single family home in the LBI real estate market was 100.1%. In other words, a buyer can expect to have virtually no negotiation in the sales price of a home. While this is an average and not always the case in every deal, it does send a clear signal that the market is competitive. So too is the fact that the average time a home spends on the market is about 2 months. Going back a year or so ago, that number was about 6 months! While things slowed down compared to March, there were sill over 50 closed sales in a single month-an impressive amount of activity. The good news for buyers is that we are starting to see a little more normalization in the market (or at least some early signs of it) so things may loosen up in the not distant future!
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March showed a tremendous amount of sales activity on Long Beach Island as buyers look to complete a purchase for the summer season. Sales were as follows:
Single Family Homes
Average Price: $1,487,408
Average Percentage of Listing Price: 98.5%
Average Days on Market: 69
Condominiums
Price: $772,600
Percentage of Listing Price: 98.9%
Days on Market: 121
March reported nearly 100 closed sales for the entire time which is a remarkable amount of activity. COVID still drives much of the market as buyers look to find a safe haven and the ability to work from home is no doubt a big motivator as well. While prices are high and inventory is low, this market does not show signs of a bubble as the core fundamentals remain very strong and homes are still in such high demand.
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February continued on the path of high levels of competition and a strong sales market. Sales were as follows:
Single Family Homes
Average Price: $1,582,700
Average Percentage of Listing Price: 98.09%
Average Days on Market: 66
Condominiums
Price: $690,778
Percentage of Listing Price: 96.93%
Days on Market: 107
The average price of a single family home is about $400,000 higher in 2021 when compared to 2020. Much of this is COVID related and a result of the high demand and low inventory levels we are presently witnessing. While interest rates are still low, they have make some movement higher which may temper the market to some small measure. That said, so long as the number of homes remain as low as they are, prices should continue to rise. You can view all homes sold in the past month by clicking here.
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New year new market! We are off to 2021...Let's hope for some better times ahead! Sales were as follows:
Single Family Homes
Average Price: $1,492,500
Average Percentage of Listing Price: 98.41%
Average Days on Market: 44
Condominiums
Price: $495,500
Percentage of Listing Price: 97.82%
Days on Market: 65
Sales were as strong as ever. The low levels of inventory continue to plague buyers in the LBI real estate market. The average price of a single family home is roughly $200,000 higher in 2021 than 2020. This represents a significant increase and one that is likely to continue as the year progresses. You can view all homes sold in the past month by clicking here.
