What Does the LBI Real Estate Market Look Like Now?
The 1st Quarter of 2020 was on par with 2019, what will the 2nd and 3rd Quarter hold?
I just ran the 1st Quarter Numbers and not surprisingly, we are fairly even with last year’s 1st Quarter numbers. Average Sales Price (ASP) for 1st Quarter 2020 came in at $1,034,628 – a bit lower than last year at this time with an ASP of $1,070,736. The number of units closed were similar with 120 in 2020 and 123 in 2019. Inventory is currently just a touch lower than this time last year. Days on Market (DOM) increased a bit with 127 DOM in 2020 versus 105 DOM in 2019. Overall, we were headed for a continuance of the good market of 2019. Then, COVID-19 hit.
The COVID-19 outbreak only began to be recognized as the threat around mid- March, therefore, we aren’t seeing much of an impact in the first Quarter Statistics. This will probably not hold true as we approach the 2nd& 3rd Quarters of 2020.
The Island is shut down except for food stores, pharmacies and gas stations. We do however, have a lot of visitors for this time of the year; as many fled more dense and higher concentration of coronavirus cases. Here’s hoping that LBI’s number of cases remain well below the average as this virus progresses. If that happens then our return to a more ‘normal’ market will be faster.
For more details, we are publishing a 1st Q LBI MarkeTrends Update. If interested in receiving a copy, please email us here.