LBI Real Estate Daily Market Update May 17th 2024

High Tides Digital Marketing
May 17, 2024
2 min read

Long Beach Island NJ (LBI NJ) Real Estate Market Update for May 17th 2024

LBI Real Estate Daily Market Update May 17th 2024

Long Beach Island Real Estate Sales Market Update May 17th 2024

It was a busy day in the LBI real estate market. There were a total of nice changes to the market today, which is significant given the low number of homes for sale on Long Beach Island. A third of this activity was closed transactions, which makes sense given the time of year. We are about a week away from Memorial Weekend, and that is always a good target date for many buyers looking to make a settlement to start the summer season. Activity in the LBI real estate market was as follows for today, May 17th 2024:

1 new listings came up for sale in the LBI real estate market
1 home went under contract on LBI
3 homes sold on Long Beach Island
2 homes saw a price reduction in the LBI real estate market

LBI Real Estate Daily Market Update May 17th 2024

Below is a breakdown of all changes and transactions that took place in the LBI real estate market today.

Last Change Type	MLS #	Address	City	Area	Current Price
New Active	NJOC2025956	409 Tidal Dr	Long Beach Township	LBI	$2,899,000
Price Decrease	NJOC2025368	18 E Coughlan (72nd St) Ave	Long Beach Township	LBI	$2,795,000
Price Decrease	NJOC2025100	4703 S Long Beach Blvd	Long Beach Township	LBI	$4,650,000
Active Under Contract	NJOC2024194	50 W 5 St #11	Barnegat Light	LBI	$1,185,000
Closed	NJOC2024518	310 W West Ave #C2	Beach Haven	LBI	$825,000
Closed	NJOC2023796	333 W 11th St	Ship Bottom	LBI	$1,350,000
Closed	NJOC2014470	59-D Long Beach Blvd	Long Beach Township	LBI	$7,200,000
Temporary Off Market	NJOC2025768	1 Thomas Ave	Harvey Cedars	LBI	$3,199,000
Canceled	NJOC2018306	1817 N Ocean Ave	Surf City	LBI	$4,299,000

As I have written about numerous times, there are not enough homes for sale on Long Beach Island to meet demand. Today is a perfect example of why. There was one new listing, but there was also one pending sale in the LBI real estate market. Therefore, there was a net gain of zero houses, and when you account for two homes that were voluntarily removed from the market, there was a loss of inventory today! This represents the single most significant challenge buyers face in the Long Beach Island real estate market! If you have any questions about buying, selling, or investing in the LBI real estate market, please do not hesitate to contact me.