LBI Real Estate Market Changes and Buyer Opportunities
- High Tides Digital Marketing
- Mar 25, 2019
- 3 min read
Long Beach Island NJ (LBI NJ) Real Estate Market Slowdown and LBI Homebuyer Opportunities
Long Beach Island Real Estate
There is no question that things have slowed down in the LBI real estate market. While the average price of a single family home has remained steady or even grown, the number of sales is far lower. While some of this has to do with lower inventory levels in the Long Beach Island real estate market, there are also external reasons that have caused lower sales numbers. This can create opportunities for buyers. LBI Real Estate Market Changes and Buyer Opportunities should be evaluated together to see if a purchase makes sense at this time.
LBI Real Estate Market Changes and Buyer Opportunities
The chart below tracks the average sales price of a home on LBI and the number of sales broken down month by month for single family homes on LBI.
Month | Sale Price, Average | Sales, Number of |
Jan-17 | $1,268,308 | 26 |
Feb-17 | $1,190,587 | 38 |
Mar-17 | $967,168 | 55 |
Apr-17 | $993,790 | 50 |
May-17 | $1,021,662 | 62 |
Jun-17 | $1,182,886 | 59 |
Jul-17 | $1,389,385 | 27 |
Aug-17 | $1,034,357 | 35 |
Sep-17 | $982,294 | 45 |
Oct-17 | $1,082,602 | 59 |
Nov-17 | $1,203,213 | 55 |
Dec-17 | $1,197,553 | 34 |
Jan-18 | $1,291,055 | 38 |
Feb-18 | $1,135,024 | 21 |
Mar-18 | $1,091,200 | 45 |
Apr-18 | $1,040,938 | 42 |
May-18 | $1,059,281 | 54 |
Jun-18 | $1,029,864 | 42 |
Jul-18 | $1,143,485 | 33 |
Aug-18 | $917,361 | 33 |
Sep-18 | $1,166,886 | 42 |
Oct-18 | $1,138,685 | 54 |
Nov-18 | $1,233,655 | 59 |
Dec-18 | $1,080,231 | 32 |
Jan-19 | $1,186,615 | 33 |
Feb-19 | $1,107,021 | 21 |
Mar-19 | $1,189,441 | 23 |
Looking at the first three months (January, February and March) or each year there is a clear patten. 2017 had 26 sales, 38 sales and 55 sales while 2018 showed 38, 21 and 45 for the same three months. 2019 showed 33 sales, 21 sales and 23 sales. The breakdown of these numbers is as follows:
Jan-17 | $1,268,308 | 26 |
Feb-17 | $1,190,587 | 38 |
Mar-17 | $967,168 | 55 |
Jan-18 | $1,291,055 | 38 |
Feb-18 | $1,135,024 | 21 |
Mar-18 | $1,091,200 | 45 |
Jan-19 | $1,186,615 | 33 |
Feb-19 | $1,107,021 | 21 |
Mar-19 | $1,189,441 | 23 |
2017 showed a total of 119 sales in the first 3 months, 2018 had 104 and while March 2019 is not quite finished yet there are only 77 sales year to date. Interestingly the average price of a single family home has seen next to no deviation. Buyers in the LBI real estate market need to understand these trends to help formulate offers. When these numbers are used effectively they can encourage a lower offer to be made on a property by taking into account the possibility of a further decline.
Buying a Home in the Long Beach Island Real Estate Market
While the number of sales is clearly lower, this can be used to the advantage of a buyer. A knowledgeable buyer working with the right agent (who understands and can explain these market trends) can make a strong case for a lower sales price. Keeping in mind that in the last market drop we saw an average decrease of around 12% it may be possible to reach those discounts simply by citing the developing market trends. If you have any questions about buying, selling or investing in the LBI real estate market please do not hesitate to contact me.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
