This Week On LBI
Messages from Sand Dollar are on our homepage, but many of you just come directly to this page, so I have posted these messages below as well:
Hello from the Beach!
July 9, 2020
The latest issue of LBI MarkeTrends Newsletter is available. What a wild 6 months we have had on LBI! Read all about it. Request your issue by emailing: SandDollaronLBI@att.net and ask to be put on our distribution list.
June 11, 2020
Just to give you a quick update on our current market conditions…
- 15% behind in units sold (39 units) over the same time last year. This was expected as the ‘shelter in home’ took place in mid-March and is only now beginning to be lifted. Also, closings have been taking a bit longer as we all adjust to `distance closings’.
- On the flip side, there are 80 homes in a pending status. Normally, we see around 45-60 at one time and depending on the time of the year. So, this is a high number and should make up for the prior slowdown in units sold.
- Average Sales Price fell about 3% over this time last year. Part of this is due to the mix of sales, there have been no high-end sales – over $4M+. This will change as some of the `pendings’ begin to close as there is an oceanfront in pending at $5,999,000.
- Days on the market are a bit longer, but again it is taking longer to get a deal from contract to closing so this is expected as well.
- % of Sales Price to List Price is still around 95% to 96%.
- Inventory remains low.
So overall, LBI is weathering the COVID-19 rather well. The Island has always shown its resilience!
May 13, 2020
Pat Sepanak Interview on Current Conditions of LBI Sales and Rental Market
May 7, 2020
LBI Market Update
I thought I would give you a quick update as to what we area seeing in our sales and rental markets. I will update as I see news worth reporting to you. I have also just completed an LBI MarkeTrends Quarterly Update Newsletter. If wish to receive a copy, please email me at PatonLBI@att.net with your request.
Sales Market: Average Sales Price (ASP) shows a drop around 4% over 2019. However, there have not been as many high end sales ($3M+) as in previous years. Reviewing most other sales, no overall decline in prices are noted. Inventory remains on the low side as do ‘under contract’ sales. Some sales did fall through as buyers choose not to continue with their purchase due to the economic uncertainty of the impact of COVID-19. The mid year numbers will be a better indication on the health of the LBI real estate market. So far, LBI is holding pretty steady.
Rental Market: We have experienced a few cancellations at this time due to concerns about COVID-19. We have fielded many phone calls with questions about how LBI will pan out. The majority of our summer guests seem to be looking forward to a vacation on LBI. Prior to the outbreak, our bookings were up. We are still receiving inquiries which we take as a very good sign. If there is improvement with the handling of COVID-19 there is expectations that we could have a surge as LBI may be deemed safer than many other choices.
Our Goal: to supply you with the best market data available so you can make the right decisions about purchasing on LBI; and to assist you in all phases of the home purchase process so you are assured that you not only have found Your Perfect Beach Home on Long Beach Island you arrived there in the most professional manner.
Below, find out each week what’s been ‘Newly Listed‘, what just went ‘Under Contract‘ and what has ‘Just Closed‘. Want to know local headline news or maybe check out the local weather to see if we are having another wonderful beach day.
(Of course, any day at the beach is a wonderful day.)
(from the Bright Multiple Listing Service)
This Update is for the single family and condo market. If you would like update information for multi family, land or commercial, either email us with your desired parameters or use our Early Buyer’s Alert program.
If you desire more information on any of the properties below, you can go click on
the link under each grouping.
Week of: 7/23/20 – 7/30/20
Click here for more listing data.
Click here for more listing data
Click here for more listing data
All information from our local MLS, deemed to be accurate but not guaranteed.
THIS WEEK’S HEADLINES (from The Atlantic City Press, The Asbury Park Park Press, The Sandpaper)
Citing the recent heat wave and a hope to help restaurant owners during a summer truncated due to the pandemic, Ship Bottom borough has lengthened outdoor dining hours until midnight. Outdoor dining previously ended at 10 p.m. Mayor William Huelsenbeck and Joe Valyo, emergency management coordinator and a councilman, signed the executive order July 24. It was effective immediately and is good through […]
More Guards Expected Back This Week
Eleven Surf City lifeguards who tested positive earlier this month for COVID-19 were cleared by the Long Beach Island Health Department to return to work July 27, Mayor Francis Hodgson said Monday morning. He said the remaining six guards are expected to return to work by the end of the week. Four guards tested negative for the coronavirus, while one test […]
Conditions Subject to Change Based on State Guidance, Emergency Orders
With three options being discussed, the LBI Consolidated School District is focused on the one that allows for a combination of in-person classes with modifications due to the pandemic as well as a remote learning component, according to Superintendent Peter J. Kopack. Under this plan, the district will require students to wear masks on the bus and in school until […]
An artificial reef project initiated by the Beach Haven Charter Fishing Association last year is expected to begin next month with the sinking of three vessels on Little Egg Reef, located approximately 5 miles offshore from the south end of Beach Haven. “Our stated goal is to maintain and expand the existing reefs off of LBI in order to build […]
Some residents or boaters within the Beach Haven West section of Stafford Township may have noticed a few new vessels patrolling the waterways and lagoons during recent weeks. Don’t worry, they’re not out there trying to cause trouble for anybody. Rather, ACT Engineers is doing an important job for the township, and it’s the first step of
‘FOR ‘QUARTERLY’ AND ‘YEARLY’ DATA, VISIT OUR MARKET STATISTICS PAGE.Would you like us to do the search for you? Sign up for our Early Buyer’s Alert program. Just give us your ‘buying parameters’ and you will be emailed directly from our local MLS system matching properties with full property descriptions and pictures