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!
October 15, 2020
The 3rd Quarter Market Stats and YTD numbers are posted. Check out our YTD stats or 3rd Quarter Sold. The market continues at a fast pace with serious pressure from buyers who are seeking an LBI 2nd home. Inventory remains low, sellers this is your market and your time. If thinking about selling, click here.
September 3, 2020
The end of Summer is near and a long summer it has been. LBI enjoyed a ‘full house’ most of the summer and it looks like we will carry this trend into the Fall. Bookings are picking up for September and October with many seeking longer term stays.
The sales market continued at a brisk pace throughout the summer. Inventory remains on the low side (189 single family homes) and as would be expected prices are on an upward trend. The average sales price is now $1,077,022 which is around a 4.5% increase over the same time as last year. Houses are selling at 96.3% of the final list price and there are 159 houses waiting to close.
Have a Great and Safe Labor Day
August 6, 2020 – Snapshot of LBI Market
Currently, there are 188 single family homes for sale. This is a very low number. There are 123 single family homes under contract. This is a very high number. Overall we are ahead of last year for the time period of Jan to July. For 2020 the Average Sales Price has increased to $1,060,078 based on 360 homes sold with a list price to sales price ratio of 95.9%. For the same time period in 2019, the Average Sales Price was $1,038,241 based on 320 sold homes with a ratio of 95.7%. The market continues to move at a fairly brisk pace.
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: 10/22/20 – 10/29/20
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)
Jillian Spano, 2021 Mrs. New Jersey Earth, and her three children were among the 102 volunteers who took to the sands of Long Beach Island last Saturday, Oct. 24, as part of the 35th annual Fall Beach Sweeps, organized each year by Clean Ocean Action, and coordinated locally by Alliance for a Living Ocean. Spano, born and raised on the
Long Beach Island has seen a slight increase in COVID-19 cases recently, “particularly within the last few weeks and several among the older population,” according to health officer Dan Krupinski of the LBI Health Department. “That is concerning as we all know outcomes from this virus on average: the older you are, and your health status, can
While the installation of new sump pumps in the area of Ninth Street is complete, Surf City officials are still addressing water-related issues at two of the borough’s wells. Council President John Klose said earlier this month “not much good” has happened with water and sewer. He is chairman of the borough’s water and sewer committee. “Well No. 5 blew […]
After a brief discussion earlier this month, the Surf City Borough Council agreed to let the municipal code regulating fire pits stand as is. Its reconsideration was driven by a letter from a resident who wrote to say a neighbor’s use of a fire pit was an inconvenience for him, and he requested the council toughen up the zoning […]
Township Installing Pumps to Alleviate Flooding on Roadway
Within a week – or more likely two, if the rainy forecast holds – Ocean County should have reached the end of its project on Long Beach Boulevard that spans from 68th Street in Brant Beach to about 86th Street in Beach Haven Crest. According to County Engineer John Ernst, that work, which began earlier this month, includes raising the […]
The smell at the entrance to Long Beach Island that prompted an alert from Ship Bottom police, via the countywide Nixle system last week, is methane from the marsh. Methane is produced, in nature, by anaerobic bacterial decomposition of vegetable matter submerged in water. It is sometimes referred to as marsh gas or swamp gas. Methane produced in this way […]
CLOSED SALES FOR THE MONTH OF SEPTEMBER 2020
‘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