LBI Real Estate New Home Construction Update May 2023

Long Beach Island Real Estate New Home Construction Update May 2023

Long Beach Island Real Estate

A significant part of the Long Bech Island NJ real estate market involves new construction. New homes are being built all over LBI, which has always been the case. Many of the homes that are being built on Long Beach Island are end-user homes, meaning that an individual or family owns the property and the home is being built for their personal use, but some of the new construction will be listed for sale. These homes are often referred to as “spec homes”, and they offer valuable insight into the health of the LBI real estate market.

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 New Home Construction Update May 2023

Below is a chart showing the number of active new construction homes for sale in the LBI real estate market and the number of sales each month over the last year.

Month	Active Listings	Number of Sales
Jun-22	71	5
Jul-22	73	3
Aug-22	66	9
Sep-22	65	2
Oct-22	72	5
Nov-22	71	6
Dec-22	61	4
Jan-23	61	3
Feb-23	66	2
Mar-23	59	7
Apr-23	55	7

As you can see, the new construction market on Long Beach Island mirrors the activity of the rest of the LBI real estate market. The number of homes for sale has dropped significantly, which one would expect given the challenges all buyers face in the low inventory environment of Long Beach Island. One very notable and recent trend is two of the best months for new home sales took place in March and April of 2023. Even with fewer options to pick from, new homes were selling at a faster rate than almost any other time in the past year.

Long Beach Island Real Estate New Home Construction Update May 2023

Anyone looking to buy a home in the LBI real estate market should understand the new home market and how it relates to the market in general. Even if you are not in the market for a new home, seeing how buyers react to some of the most expensive options in the Long Beach Island real estate market gives us guidance. When sales are strong, buyer confidence is high. When sales slow down, buyers are clearly expecting builders to drop prices. Even with higher interest rates, buyers are sending a clear signal that they have confidence in the LBI real estate market. 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