LBI Real Estate New Home Sales in 2020
- High Tides Digital Marketing
- Jan 15, 2021
- 2 min read
Long Beach Island Real Estate New Construction Sales 2020
Long Beach Island Real Estate New Construction Sales
LBI Real Estate New Home Sales in 2020 were one of the most impacted areas of the Long Beach Island real estate market as we all adjusted to COVID-19. It is fair to say that coronavirus has changed the way we all work and live, and these changes undoubtedly helped to fuel the demand for new homes on LBI. We saw a significant increase in both the number of homes sold and the price during the second half of 2020 which mimics the demand for a remote living and working space. New construction offers some interesting opportunities for buyers in the market, both by building new for yourself or by the purchase of a finished home. For one of the first times in years, new home sales were not limited to only single-family homes but also to large condominium complexes in Beach Haven and Ship Bottom!
LBI Real Estate New Home Sales in 2020
Below is a breakdown of the number of sales and the average sales price of single-family new construction in the LBI real estate market.
Month | Sale Price, Average | Number of Sales |
Jan | $1,453,150 | 10 |
Feb | $1,832,875 | 4 |
Mar | $1,110,000 | 2 |
Apr | $1,596,875 | 8 |
May | $1,546,667 | 3 |
Jun | $1,505,000 | 9 |
Jul | $1,872,176 | 17 |
Aug | $2,518,333 | 6 |
Sep | $1,802,359 | 16 |
Oct | $1,442,267 | 9 |
Nov | $3,162,389 | 9 |
Dec | $2,343,150 | 6 |
As I mentioned above, there has been a significant increase in the number of homes sold and the average sales price. When travel restrictions were lifted on Long Beach Island in June, the market explored. There were 3x as many sales in June as there were in May. More homes sold in July than sold in the first three months of 2020 combined! The average price of a single-family new construction also increased throughout 2020. While the number of sales has fallen towards the end of the year, this has to do more with lack of inventory than it does diminished demand. There are simply not enough new homes built to sell at the moment!
Long Beach Island Real Estate New Construction Sales 2020
Buying a new home in the Long Beach Island real estate market can offer some distinct advantages. The home will be built to current standards with modern amenities. This will make it likely to hold its value and be a more attractive rental if so desired. That said, a buyer has to be careful to not overpay for a new home (or any home). Now, more than ever, you have to understand what creates value in the LBI real estate market and reminded disciplined. 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 | LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
