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.
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February saw an increase in the number of sold homes compared to January 2024. This makes sense as there are a few more homes on the market now than there were in November and December (when sales would have originated for a January closing). LBI real estate transactions were as follows:
Single Family Homes
Average Price: $1,791,432
Average Percentage of Listing Price: 95.4%
Average Days on Market: 99
Condominiums
1 Condo Sold
Price: $675,000
Percentage of Listing Price: 99.4%
Days on Market: 35
While buyer confidence remains high, there is one statistic this month that stands out. The difference between listing price and sales price increased to the widest point that we have seen in the past 6 months. There was a difference, on average, of almost 5% between the listing price and the sales price of a single-family home on LBI! We are still seeing strong demand, but clearly buyers are being more cautious on price and expecting sellers to negotiate more from their listing number. The average sales price of a single-family home was about $300,000 lower in February 2024 when compared to February 2023, but there were about 30% more sales in 2024 than in 2023!
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The new year started off with fewer sales and a lower average sales price when compared to a year ago, but in spite of this, demand remains high on LBI and the overall outlook for the market is still positive LBI real estate transactions were as follows:
Single Family Homes
Average Price: $1,879,917
Average Percentage of Listing Price: 97.6%
Average Days on Market: 92
Condominiums
1 Condo Sold
Price: $845,000
Percentage of Listing Price: 99.4%
Days on Market: 88
January tends to be a lower month for closed transactions since buyer activity wanes over the holiday season in November and December. Typically, the market will pick up from mid-January through the Spring, and this year is no exception. The primary issue facing the LBI real estate market is still inventory. In January 2023, 19 single-family homes and condos were sold. In January 2024, there were 17. This is a small drop in activity, especially when there are about 20% fewer homes for sale in the LBI real estate market compared to the same time last year. Currently, fewer than 100 unencumbered single-family homes are for sale in the LBI real estate market. Demand is still strong, and a higher percentage of the available market is under contract compared to a year ago, so buyer confidence remains strong.