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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 3Q)  95 390 $1,090,798 837 123 96.2

histsalesprice         newlisting20142016117

2017 3rd Quarter Analysis

The LBI real estate market continues to move along at a fairly brisk pace. Third Quarter closings show that we will most likely end the year ahead of  the last 7 to 8 years. Inventory remains lower than normal and if the imbalance continues it is expected that prices will continue to rise.

 

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

As of January 7, 2017: single family = 359 units   condo = 67 Total of 426 units.  This is a bit lower than normal.
As of April 19, 2017:     single family = 393 units   condo = 77 Total of 470 units.  This is very low for this time of year.

 

Historic Inventory Levels:

inventory1213

 invgraph

 marketrendsgraph117

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.