LBI Market Statistics
LBI Market Data from 2005 to Current
(Data below is based on the LBI single family market)
|Units Sold||Average Sales Price||New Listings||Average DOM||Sold as % of List Price|
Comparison of 2019 to 2020 – Second Quarter
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
Historic Inventory Levels:
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.