Long Beach Island Real Estate Market Sales Explained in Four Current Trends
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Four Key LBI Real Estate Market Trends 
Four Key LBI Real Estate Market Trends 
Four Key LBI Real Estate Market Trends
Long Beach Island Real Estate
The LBI real estate market has changed a great deal since COVID. While sales were strong and confidence in the LBI real estate was high before 2020, the sales market saw significant changes in consumer behavior. As we move further into 2021, it is clear that there are opportunities for both buyers and sellers in this market. Any buyer or seller looking to invest in the Long Beach Island real estate market needs to understand the current trends that we are experiencing and understand how to react to them. Currently, the Long Beach Island real estate sales market can be explained in four trends. They are:
- There are not enough homes for sale in the LBI real estate market, but that is starting to improve
- Interest rates are still very low, creating an opportunity for buyers.
- Increased demand has led to multiple offers on many homes
- Prices have risen dramatically and are likely to keep increasing
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
Four Key LBI Real Estate Market Trends
Over the past 18 months or so, the number of homes for sale on Long Beach Island has fallen dramatically. Accounting for all different property types, meaning single-family homes, condos, vacant land, commercial listings, etc., there are only about 125-150 options for buyers to pick from. Looking back to 2019 before COVID, this number was closer to 600 homes and properties for sale! The lack of inventory has created a lot of competition for buyers in the LBI real estate market, but that is improving. The number of homes for sale on Long Beach Island has been increasing slowly, likely to continue into the fall. While competition is very strong, interest rates are very low! This creates an opportunity for buyers to lower their short and long-term ownership costs, even with a higher than average purchase price. Furthermore, with rates being so low, there is more motivation to finance the purchase of a beach house and keep money invested elsewhere, such as the stock market, whose gains can help cover the cost of the beach house. While buyers have opportunities, most hones have multiple offers, making purchasing a home more difficult. Many buyers will have to go through a few bidding wars before they are successful. This is good for sellers, but sellers also need to understand that the listing price still matters. An overpriced home will not sell in any market. The price of a home must be fair for both buyer and seller to have a successful transaction. Lastly, prices have risen a great deal, which is likely to continue, albeit at a slower appreciation rate. So long as a disparity exists between the supply and demand of houses, prices are almost certain to rise. As we see more inventory come up, that will improve buyers’ options, but it is unlikely to change prices unless there is a dramatic increase in inventory.
Long Beach Island Real Estate Market Sales Explained in Four Current Trends
When looking to buy, sell or invest in the LBI real estate market, you need to understand the current climate to make an informed decision. There are opportunities for buyers and sellers in every market, and this one is no different. Above all else, you need to understand what determines value in the Long Beach Island real estate market and remained patient and disciplined. Especially for buyers, the process may be longer than we would like to see. Still, a successful transaction can be accomplished by learning about the market and identifying a good opportunity. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | 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
You May Also Like:
Patience is Key to Buying a Home on Long Beach Island
Inventory Remains a Challenge in the LBI Real Estate Market
When Will The LBI Real Estate Market Crash?
Who Invests in the LBI Real Estate Market
Making a Decision in the LBI Real Estate Market
There are Fewer Homes for Sale in the LBI Real Estate Market Than You Think!