LBI Real Estate Commercial Real Estate Update May 2023
- High Tides Digital Marketing
- May 1, 2023
- 2 min read
Long Beach Island Real Estate Commercial Update May 2023
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.
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:
Month | Active Listings | Sales |
May-22 | 17 | 4 |
Jun-22 | 15 | 1 |
Jul-22 | 19 | 0 |
Aug-22 | 17 | 3 |
Sep-22 | 18 | 2 |
Oct-22 | 16 | 0 |
Nov-22 | 16 | 0 |
Dec-22 | 21 | 1 |
Jan-23 | 18 | 2 |
Feb-23 | 20 | 1 |
Mar-23 | 19 | 2 |
Apr-23 | 14 | 1 |
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
