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January 2017 Sales in the LBI, NJ Real Estate Market
January started the year off with steady activity in the single family home and condominium markets on Long Beach Island. Sales were as follows:
Single Family Homes
30 Sold
Average Price: $1,226,167
Average Percentage of Listing Price: 94.07%
Average Days on Market: 161
Condominiums
5 Sold
Price: $331,980
Percentage of Listing Price: 95.68%
Days on Market: 213
Overall signs point to 2017 being a strong year the in the LBI real estate market. confidence seems to be very high and the overall market statistics are positive. There are about 100 homes pending in the LBI marketplace so we should see some strong activity in the months to come.
February 2017 Sales in the LBI, NJ Real Estate Market
February continued the strong and steady activity in the single family home, condominium and multi-family markets on Long Beach Island. Sales were as follows:
Single Family Homes
38 Sold
Average Price: $1,198,218
Average Percentage of Listing Price: 95.35%
Average Days on Market: 147
Condominiums
4 Sold
Price: $453,447
Percentage of Listing Price: 95.94%
Days on Market: 173
Multi Family Homes (Duplexes)
4 Sold
Average Price: $635,375
Average Percentage of Listing Price: 88.42%
Average Days on Market: 73
February was a strong month in the LBI real estate market. Overall there was significantly more activity than January 2017 and more activity than February 2016. In fact, there were 10 more single family homes sold and a higher average price in 2017 compared to 2016. The price per sq foot of a single family home is hovering around $530.00/sq. foot on average with some oceanfront homes trading over $1,000/ sq foot!. Currently there are about 140 homes "under contract" in the LBI real estate market which is one of the highest counts we have seen in years! Overall, the LBI real estate market is doing very well and the trends we have seen thus far in 2017 point to a stable marketplace.
March 2017 Sales in the LBI, NJ Real Estate Market
March continued the strong and steady activity in the single family home and condominium markets on Long Beach Island. Sales were as follows:
Single Family Homes
54 Sold
Average Price: $1,024,443
Average Percentage of Listing Price: 95.61%
Average Days on Market: 136
Condominiums
9 Sold
Price: $456,389
Percentage of Listing Price: 96.15%
Days on Market: 169
March activity was strong with a higher than average number of single family homes sold. There continues to be about 120 homes under contract lending to the continued strength of the LBI real estate market.
April 2017 Sales in the LBI, NJ Real Estate Market
April reported another strong sales month in the LBI NJ real estate market for both single family homes and condominiums. Sales were as follows:
Single Family Homes
55 Sold
Average Price: $1,008,172
Average Percentage of Listing Price: 95.90%
Average Days on Market: 138
Condominiums
4 Sold
Price: $479,125
Percentage of Listing Price: 96.80%
Days on Market: 375
April showed a higher number of homes sold yet a slightly lower sales price. While lower than some months, it was still over the $1,000,000 market which is a good indicator of market strength. There were about 135 homes under contract at this time making the likelihood of a strong spring/summer season very high.
May 2017 Sales in the LBI, NJ Real Estate Market
May 2017 showed some of the strongest sales data we have seen in the LBI real estate market. Overall there were more sales this month than any month to date in 2017. Sales were as follows:
Single Family Homes
62 Sold
Average Price: $1,021,622
Average Percentage of Listing Price: 96.05%
Average Days on Market: 146
Condominiums
6 Sold
Price: $392,555
Percentage of Listing Price: 96.21%
Days on Market: 149
With a total of 68 single family homes and condos sold in May it is safe to say the market performed very well! This is a substantial amount of activity more than doubling some past months. To be fair May is always a busy month in the sale market as buyers seek to finalize their purchases before the start of the season but a comparison of May 2016 to May 2017 supports the conclusion that the market is performing much better. In May 2016 there were a total of 45 closed single family homes with an average price of about $956,000 whereas May 2017 showed 62 sold homes with an average price of over $1,020,000. This is an undeniable improvement in the LBI real estate market!
June 2017 Sales in the LBI, NJ Real Estate Market
June 2017 home sales on Long Beach Island showed strong activity with a total of almost 70 sold single family homes and condos. Sales were as follows:
Single Family Homes
57 Sold
Average Price: $1,197,812
Average Percentage of Listing Price: 96.48%
Average Days on Market: 123
Condominiums
12 Sold
Price: $565,208
Percentage of Listing Price: 96.34%
Days on Market: 172
June reported another very strong month of homes sales on Long Beach Island. While it is to be expected that there will be a higher number of closings in June as buyers rush to settle on their home before the start of summer, market activity was much higher in 2017 than in 2016. A year over year look at June 2016 to June 2017 shows 7 more single family homes sold and an average price about $150,000 higher in 2017. This follows the trends we have been seeing in the LBI real estate market of increased activity and a higher average price. At present there are about 100 pending single family homes on LBI which represents a healthy amount of activity for this time of year. As summer progresses and we move towards the fall market all signs point to this trend continuing.
July 2017 Sales in the LBI, NJ Real Estate Market
July 2017 saw a notable slowdown compared to June however this is to be expected given the time of the year. Sales were as follows:
Single Family Homes
27 Sold
Average Price: $1,384,592
Average Percentage of Listing Price: 95.68%
Average Days on Market: 158
Condominiums
10 Sold
Price: $612,360
Percentage of Listing Price: 97.45%
Days on Market: 119
As I mention above, July usually sees a significant slowdown in closed transactions as the summer season is in full swing. Looking back to 2016 we see a similar slow down with a total of 56 closed sales in June and only 42 in July. Looking at 2017 we saw a total of 57 closed transactions in June and 37 in July. What is important to note is the much higher average price point in 2017. The average price of a single family home in 2017 was $1,384,592 whereas the average price was $1,197,812 in June 2017 and $1,097,365 in July of 2016. This represents a significant increase and while there were some higher end sales in 2017 on the oceanfront, the overall market has been reporting higher prices. There are about 125 homes currently under contract in the market so it is clear that activity is still strong.
August 2017 Sales in the LBI, NJ Real Estate Market
August saw a large increase activity with more single family home sales taking place. Sales were as follows:
Single Family Homes
36 Sold
Average Price: $1,021,646
Average Percentage of Listing Price: 96.25%
Average Days on Market: 90
Condominiums
5 Sold
Price: $421,200
Percentage of Listing Price: 94.72%
Days on Market: 123
Market activity picked up quite a bit over the summer. There was one less transaction in 2017 when compared to 2016 and the average price was slightly lower. That said, the difference between the two years was minor and therefore points to a very stable market on LBI. There are over 122 pending sales in the LBI real estate market which shows a healthy amount of activity. As it stands, signs point to a strong fall market on LBI!
September 2017 Sales in the LBI, NJ Real Estate Market
September 2017 saw stable market activity on Long Beach Island. Sales were as follows:
Single Family Homes
45 Sold
Average Price: $982,294
Average Percentage of Listing Price: 96.24%
Average Days on Market: 96
Condominiums
13 Sold
Price: $501,308
Percentage of Listing Price: 95.84%
Days on Market: 225
Compared to September 2016, September 2017 saw an almost identical amount market activity. While there were fewer single family homes sold this month (52 in 2016 vs 45 in 2017) there were more condos sold (6 in 2016 vs 13 in 2017). Taken as a whole there were 58 closed transactions in September 2016 AND in September 2017! The average sales price was slightly lower in 2017 but there was less negotiation in the sale price of a home. Furthermore, the time it took a home to sell in 2017 was almost half that of 2016. Right now there are about 135 pending sales on LBI so the fall market is certainly active!
October 2017 Sales in the LBI, NJ Real Estate Market
October 2017 saw a flurry of activity on Long Beach Island. Sales were as follows:
Single Family Homes
60 Sold
Average Price: $1,067,667
Average Percentage of Listing Price: 95.63%
Average Days on Market: 112
Condominiums
12 Sold
Price: $604,741
Percentage of Listing Price: 95.60%
Days on Market: 173
October 2017 saw a great deal of activity in the LBI real estate market. In total there were 72 closed single family homes and condos, much higher than the 58 closed units we saw last month. Interestingly, the deviation between listing price and sales price was almost identical for both single family homes and condos, 95.63% and 95.60% respectively. The average price of a single family home continues to be around $1,000,000 which has been the trend for several months now. Despite this, there is great activity in the lower price points as well. All in all market activity is strong and 2017 should finish on a high.
November 2017 Sales in the LBI, NJ Real Estate Market
November 2017 again saw strong activity on Long Beach Island. Sales were as follows:
Single Family Homes
60 Sold
Average Price: $1,188,845
Average Percentage of Listing Price: 94.31%
Average Days on Market: 124
Condominiums
3 Sold
Price: $412,667
Percentage of Listing Price: 95.91%
Days on Market: 67
This is the second month in a row that there have been over 60 sales in the LBI real estate market. This is a very high level of market activity with the majority of that activity representing single family home sales. As a comparison, November of 2016 saw only 49 single family homes sold. This year over year comparison shows a significant increase in sales. The average sales price was also much higher than 2016 ($1,066,912 in 2016 compared to $1,188,845 in 2017). At present there are about 80 homes pending in the LBI real estate market. While this number is a little lower than we have seen in past months, it is not uncommon for this time of year to slow down. It looks like the real estate market on Long Beach Island will have a very strong finish in 2017 wrapping up what has been a very strong year for sales.
December 2017 Sales in the LBI, NJ Real Estate Market
Despite uncertainty from the new tax law, 2017 ended on a largely positive note. Sales of homes in the LBI real estate market were as follows:
Single Family Homes
34 Sold
Average Price: $1,197,553
Average Percentage of Listing Price: 94.39%
Average Days on Market: 145
Condominiums
5 Sold
Price: $423,500
Percentage of Listing Price: 95.30%
Days on Market: 155
There is no question that 2017 was a very strong year in the LBI real estate market. Both the average price of a single family home and the overall number of homes sold was much higher than years past. December 2017 saw a slightly slow down in the number of homes sold when compared to a year ago, 40 in 2016 compared to 34 in 2017, but the aver price was about $350,000 higher in 2017! Much of the higher average price has to do with the nature of homes being sold in the LBI market. There are more new construction homes selling and fewer of the traditional beach bungalows simply for the fact that there are more new homes on LBI than there were a year ago! Overall the LBI market has been strong and all signs seem to indicate 2018 will be a positive year as well.
Year End
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