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LBI Market Statistics

 LBI Market Data from 2012 to Current

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

 

YEAR Units  Pending Total Units Sold Avg. Sales Price

(ASP)

 New

Listings

 Average Days on Market Sold as % of List Price
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 $1,027,591 950 181 95%
2016 56 473 $990,184 958 161 95.4%
2017  59 540 $1,106,290 1,018 119 96.1%
2018 48 490 $1,116,102 971 114 95.7%
2019 40 496 $1,159,300 934 102 95.9%
2020 75 720 $1,322,376 823 109 97.2%
2021 64 530 $1,587,337 634 49 100%
2022 57 350 $1,922,759 498 53 98.6%

 

Inventory Levels – Last 5 years

 

2023 – End of Year Analysis

The year ended on a quiet note compared to the last few years. LBI was behind in the number of homes closed by almost 40%. Some of this is due to low inventory levels, but also buyers are holding back. Higher interest rates and talk of a potential recession has dampened some buyers motivation. Average Sales price at the moment is holding steady. Whether this will remain will have to be seen.

2022 – Mid Year Analysis

The LBI market is showing signs of slowing down. Average Sales Price continues to increase but at a much smaller level than in 2021. Inventory is increasing and # of units sold is decreasing. It is expected that inventory will begin to increase more as we head towards our Fall Selling Season.

2021 – Year End Analysis

Another good year for the real estate market on LBI. The first half of the year moved at a very quick pace. In January we had an Average Sales Price of $1,322,376. By June that had risen to $1,521,875. Interestingly, the Average Sales Price remained fairly steady for the next few months and ended the year at $1,587,337. LBI also lost some steam on the number of units sold in the latter part of the year and closed the year out at 530 single family homes in comparison to 720 the year before. We may be taking a bit of a breather.

2020 Year End Analysis

Certainly a wild ride this year. LBI real estate market was slowly moving in an upward fashion in the beginning of the year. In March, when COVID forced shut downs so did the market for a while. As more folks were sheltering in place and working from home, LBI looked like a great place to work from or to become a respite.

By June the market took off. The LBI market remains a very hot market. Inventory is extremely low and buyer activity is quite high. Leading sometimes to bidding wars. Prices are rising obviously as the demand is far outpacing the supply.

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.
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.