LBI Real Estate Commercial Real Estate Update May 2023

LBI Real Estate Commercial Real Estate Update May 2023

Long Beach Island Real Estate Commercial Update May 2023

Long Beach Island Real Estate

There are many different types of real estate for sale and lease on Long Beach Island. While single-family homes dominate the sales market, condos, duplexes, vacant land, and commercial real estate all play an important role. Commercial real estate represents a very small segment of the sales market on Long Beach Island, but it is the lifeblood of the LBI economy. Part of the reason people vacation on Long Beach Island is the pleasant amount of stores and restaurants that service the summer tourism industry, so understanding how this facet of the LBI real estate market is performing is essential.

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

LBI Real Estate Commercial Real Estate Update May 2023

Below is a chart showing the number of active commercial listings and the number of sales each month of the past month in the LBI real estate market:

MonthActive ListingsSales
May-22174
Jun-22151
Jul-22190
Aug-22173
Sep-22182
Oct-22160
Nov-22160
Dec-22211
Jan-23182
Feb-23201
Mar-23192
Apr-23141

As you can see, the number of transactions is low compared to the rest of the LBI real estate market. To be fair, these numbers are not a full accounting of the commercial real estate market as many commercial sales are private transactions. Commercial real estate is rather hard to conduct, as many sellers do not want their listing to be made public, but rather rely on word of mouth with a pocket listing. This stops many sales from being reported in the multiple listing service. There are some months that showed no sales, and many months with only one listing be traded. Still, with a grand total of 17 closed transactions, plus an unknown number of private sales, the commercial real estate market on Long Beach Island is performing well.

Long Beach Island Real Estate Commercial Update May 2023

Commercial real estate in the LBI real estate market can take place in many forms. Some of the sales are not going to remain commercial, but in fact, will be torn down and rebuilt as single-family homes. This is a concern for many towns as the elimination of retail, office space, and restaurants will start to change the summer feel of Long Beach Island. It is for this reason that some towns have enacted legislation to prohibit commercial real estate from turning into residential listings. Understanding the commercial real estate market on Long Beach Island is helpful for all those interested in the LBI real estate market. By knowing what is taking place throughout the market, all buyers and sellers can be more effective in their respective transactions. For more information about Long Beach Island or about 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

www.BuyLBI.com

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

More LBI Real Estate Information:

Beach Haven NJ Home Sales April 2023

LBI Real Estate Mortgage Rates and Buyer Patterns

Balancing Your Wants and Needs in the LBI Real Estate Market

Advantages of Investing in a Home in the LBI NJ Real Estate Market