Do Year Over Year LBI Real Estate Sales Point To A Slow Market?

Do Year Over Year LBI Real Estate Sales Point To A Slow Market?

Long Beach Island Real Estate Year Over Year Sales

Long Beach Island Real Estate

The LBI real estate market has been seeing a strong period of growth with higher prices and higher activity. 2018 signaled a slow down in the number of home sales-the first since Hurricane Sandy. This begs the questions Do Year Over Year LBI Real Estate Sales Point To A Slow Market? The good news is there are still a number of positive indicators to point to a stable LBI real estate market but all buyers and sellers in the Long Beach Island should pay attention to the current market trends.

By : Nathan Colmer | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

Do Year Over Year LBI Real Estate Sales Point To A Slow Market?

Below is a chart showing the number of sales and the median price for homes on Long Beach Island over the past 10 years. This represents all sales of single family homes, condos, multi-family homes, etc that traded in the multiple listing service.

Sale Year Number of SalesMedian Sale Price
2009393$700,000
2010402$722,000
2011421$675,000
2012487$700,000
2013411$641,475
2014540$688,750
2015555$740,000
2016621$746,500
2017743$755,000
2018666$849,500
201953$726,500

As you can see there was a dip in the number of home sales in 2013. This was triggered by Hurricane Sandy which took a lot of buyers out of the market until 2014 and onward. To see a drop in the number of sales in the LBI real estate market is a normal part of the market. While undoubtedly some of this drop was triggered by external factors such as the rapid increase in interest rates, the Long Beach Island real estate market has been suffering from a shortage of inventory. It is reasonable to expect that with lower inventory levels there will be fewer sales. The fact that prices have remained steady and continued to rise shows that confidence is still strong in the LBI real estate market and buyer demand is still quite high. Overall things look good for 2019 as there have been 53 sales already with a stable median sales price.

Is This A Good Time To Buy in the LBI Real Estate Market

The answer to this question depends on the type of property and the core fundamentals that determine market value on Long Beach Island. This is a good time to buy if you can find the right deal. The “right deal” will be a property that can retain most or all of its value if the market does turn. Building a new home for example grants you an immediate equity position that is far greater than the last market drop we witnessed. Regardless of where we are in a market discipline is key and finding the right property will influence your investment. I can help you identify the pros and cons of a property that will influence how it will retain value through the ups and downs of a market cycle. For more information about LBI real estate market sales please do not hesitate to contact me.

By : Nathan Colmer | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

www.BuyLBI.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

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