Inventory Levels in the Long Beach Island Real Estate Market
For those who read my monthly sales updates in the LBI real estate market you know that 2018 has seen somewhat lower numbers of closed transactions month over month. In other words, for most months more homes sold in 2017 compared to 2018. Whenever we see a statistic such as this it is helpful to look at the reasons for its occurrence. I have long maintained that lower levels of inventory have been making the market challenging for buyers as there are simply not enough homes to go around! Looking at active listings in the LBI real estate market it is clear that inventory levels over the past 5 years it is clear that fewer homes are for sale. This of course makes it harder to find the “right” house and when that house does come along, it makes competition more fierce.
Single Family Active Listings in the LBI Real Estate Market Over the Past 5 Years
|Month||Active Listings, Number of 2013||Active Listings, Number of 2014||Active Listings, Number of 2015||Active Listings, Number of 2016||Active Listings, Number of 2017||Active Listings, Number of 2018|
A quick look at the data raises some interesting points. Inventory levels are considerably lower in 2017 and 2018 (year to date) than the preceding three years. 2013 also saw low inventory levels however we must remember that LBI was dealing with the aftermath of Hurricane Sandy, an event that clearly changed the Long Beach Island real estate market. The the average of 2014,2015 and 2016 we see between 514 and 582 homes for sale. 2015 was by far the highest listing year with an average of 582 single family homes for sale at any given time. By comparison 2017 averages around 473 houses for sale at any time and 2018 (year to date) only 467. Clearly there are less single family homes for sale on LBI and that will translate to some lower sales numbers.
Buying a Home in the LBI Real Estate Market
The best thing you as a buyer can do is to educate yourself on the market and understand what makes a good value. There are a lot of homes for sale-but many of them are either overpriced or have negatives that can make them a poor long term investment. By understanding the value of different locations, what homes sell for, etc., you can be better prepared to make an offer quickly and confidentially. For more information about buying a home in the Long Beach Island real estate market or about active listings in the LBI real estate market feel free to contact me anytime.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | email@example.com
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