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LBI Market Statistics

 LBI Market Data from 2005 to Current

(Data below is based on the LBI single family market)

YEAR  

Units Pending

 

Units Sold Average Sales Price New Listings Average DOM Sold as % of List Price
2005   451 $1,129,906 1210 118 95%
2006 48 291 $1,156,435 1284 126 94
2007 45 385 $1,077,626 1034 154 93
2008 34 298 $1,090,744 832 153 92
2009 34 285 $934,629 797 176 92
2010 34 297 $1,020,659 763 180 92
2011 44 301 $951,498 825 194 93
2012 62 369 $939,150 766 176 93
2013 55 306 $904,813 804 157 93
2014 52 377 $974,864 992 145 94
2015 59 425 $1,027,591 955 181 95
2016  65 473 $990,184 950 161 95.4
2017   59 540 $1,106,290 1018 119 96.1
2018  48 490 $1,116,102 971 114 95.7
2019 40 496 $1,159,300 934 102 95.9

 

Comparison of  2019 to 2020 – Second Quarter

2019 2Q 298 $1,026,614 345 521 95.8%
2020 2Q 57 276 $1,016,797 274 437 95.9%

 

2020 2nd Quarter

The real estate sales market is moving at a brisk pace. Although we had a slow down in closing and units sold due to the shut down from Covid19 with a few less units sold. Pending sales are quite high so we will most likely surpass 2019 in units sold and expect prices to rise with the lack of inventory currently on the market.

2020 1st Quarter

There is no significant change from first quarter 2019 over first quarter 2020. Average sales price came down from $1,070,736 in 2019 to $1,034,628 in 2020. Inventory levels are in range with last year as well as units sold and days on market.

The impact of the Covid -19 didn’t really begin to have an impact until early to mid March therefore, it will be 2nd and 3rd quarter that we may see the true impact to the LBI real estate market. All real estate companies physical locations are closed.

2019 Year End Analysis

Steady is the key word for 2019. We had a few more houses sell and Average Sales Price was up 3% over 2018. Days on the market also remained fairly steady as did Sold Price as a Percentage of the List Price. Buyer activity remains strong and our inventory levels are lower than usual.

2018 Year End Analysis

The first quarter started off strong, mainly due to the high activity levels of the last quarter of 2017. By 2nd Quarter, the pace of sales slowed down a bit and and our Average Sales Price held steady. Inventory levels continue to be lower than normal. Our pending inventory coming into the year was lower than usual, which most likely will translate into a slower 1st Quarter of 2019.

2017 Year End Analysis

The Market continued at a brisk pace throughout the year. Inventory was low and activity levels were  high creating an even smaller inventory of homes. Prices climbed and will continue to do so if the supply continues to lag behind the demand. The new Tax Reform will the item to watch in 2018 as well as the continuous ‘show’ in Washington, DC.

2016 Year End Analysis

Buyer activity has been impressive all year long. 2016 ended with a higher number of units closed than 2015. This is putting pressure on inventory which is running a bit behind normal levels. Days on market decreased slightly and % of final list price to sale ratio is staying roughly at 95%.  All points toward a healthy market as we head into 2017.

2015 Year End Analysis
LBI experienced one of the coldest winters on record as well as our surrounding area. This weather put a damper of potential buyers coming to look at homes during the first quarter. However, as we progressed towards March we saw activity pick up and a very nice rebound. Inventory increased slightly throughout the year as did sales activity. 2015 ended the year on the upbeat with increased sales and increased prices.


2014 Year End Analysis
The year ended on a high note, with more units sold and a slightly higher average sales price than 2013. Inventory levels remain a bit low so the pressure is on and a continued price increase is expected for 2015. LBI seems to have bounced back from Sandy’s visit and is getting back to pre Sandy levels.
 2013 Year End Analysis
 Overall the LBI market handled our visit from Sandy rather well. It should be noted that from last quarter of 2012 through the first quarter of 2013 the LBI real estate market was at a relative stand still due to the aftermath of the storm and the many unknowns facing LBI. By the end of the second quarter of 2013, the press and the public began to realize that LBI was very much alive and beginning to return to pre storm status.
Buyer activity picked up late in the second quarter. Considering that LBI lost almost 6 months of sales activity we closed the year out with only a 17% decrease in units closed over 2012 and the Average Sales Price was down 4% over the prior year.

Inventory Levels

Inventory levels remain low with mid year having 452 single family home available for sale.

 

Historic Inventory Levels:

inventory1213

 invgraph


Long Beach Island is not immune to the various economic cycles that all real estate markets go through as can be seen in the above graph. However, over the years LBI has weathered rather well. LBI  real estate is usually the last to feel the effects of an economic downturn and one of the first markets out of a recovery cycle. There are very few other markets that can offer the stability that LBI  offers a real estate investor.