LBI REAL ESTATE UPDATE
RESEARCHED AND PRESENTED BY :
May 2021
Pat Sepanak , Broker / Owner SAND DOLLAR REAL ESTATE
May 15 , 2021 - LBI real estate is experiencing a very fast moving market . You can see that the Average Days on Market has dipped to 59 days . As the pressure on the market continues and inventory remains low , sales prices are rising dramatically . In the year to date comparison , the Average Sales Price on LBI rose 26 %. A 99.1 % List Price to Sales Price ratio shows that there is fierce competition with many homes selling at or above asking price .
As of this date , there are 71 single family homes for sale on all of LBI . Currently , we have 104 single family homes ‘ under contract ’ and getting ready to close . Since the first of the year until May 15 - 227 homes have closed .
How long will this market last ? Inventory is very light so at some point fewer homes will be sold unless more LBI owner ’ s decide to cash in on this up market . Interest rates are beginning to creep up and have hit the 3 % rate and are expected to continue to slowly increase and perhaps rise to 3.5 % before the end of the year . Tax changes affecting Long Term Capital Gains , 1031 Tax Deferred Exchanges and raising the top tax rate all loom on the horizon . For more details , go to : LBIrealestateNews . com / LBIMarketUpdates For buyers , it is a tough market , you will need to be monitoring the market closely and be prequalified for financing to have the best chance of buying a home . Sign up for our Early Buyer ’ s Alert program to be alerted immediately to new listings . For sellers , now may be an opportune time to part with your LBI home . Start with requesting our Online Market Evaluation to determine your current market value . If anyone has additional questions , please feel free to contact me , patonlbi @ gmail . com . I am always happy to share my LBI market knowledge .
YEAR
All of LBI Jan1 - May 1212
# Units Sold
Average Sales Price
Avg Days On Market
% List to Sales Price
2021 203 $ 1,461,027 59 99.1 %
2020 140 $ 1,079,129 128 96.3 %
LBI MARKETRENDS
YEAR
# Units Sold
Average Sales Price
Avg Days On Market
% List to Sales Price
2012 369 $ 939,150 176 93 % 2013 306 $ 904,813 157 93 % 2014 379 $ 974,864 145 94 % 2015 425 $ 1,027,591 181 95 % 2016 473 $ 990,184 161 95.4 % 2017 540 $ 1,106,290 119 96.1 % 2018 490 $ 1,116,102 114 95.7 % 2019 496 $ 1,159,300 102 95.9 % 2020 720 $ 1,332,276 109 97.2 %
All information from our local MLS for single family market .
LBI Home Sellers : If you have been considering selling , now might be the right time to start investigating the market in more detail and finding out the value of your home . Sand Dollar Real Estate has developed some very unique programs that to help you gain a better understanding of our local market and the process of putting your home on the market .
For a limited time , since our market is moving fast , commission is reduced based on ‘ time on the market ’. If I save , you save ! Go to : LBIrealestateNews . com / reducedcommission
LBI Home Buyers : Your dream of owning a vacation home can come true . Sand Dollar Real Estate offers you some great programs to learn more about our values and those issues that are unique to the LBI real estate market . We truly believe a knowledgeable customer is not only the best customer but a lasting one as well . Check out our website below to explore all that Sand Dollar Real Estate offers :
Check out : LBIrealestateNews . com
This Week on LBI - Updated weekly with a ‘ Market Snapshot ’ of what ’ s just been ‘ listed ’, put ‘ under contract ’ and ‘ closed ’ with pictures and descriptions . Local headline news . Access the last quarter ’ s ‘ solds ’, plus the latest market statistics and analysis .
Search our Local MLS - Custom search module linked directly to our local MLS ( more accurate then Trulia or Zillow ). Choose pre-defined popular searches to start and then create your own custom searches . Can use quick or advanced search modules or by map location .
Early Buyer ’ s Alert Program - We can make it even easier for you . Fill out a simple form on our web site with your preferred buying parameters and be emailed detailed information about every new listing , price and status changes that match from our local Multiple Listing Service - the day they occur . A great way to ‘ find the finds ’ and find them first ! All information directly from our local MLS .
Online Market Evaluation - Answer a few questions about your LBI property on our web site and you ’ ll be sent a report chock full of information about the current state of the LBI market and an in-depth analysis explaining your property ’ s price range of value , including detailed information about your competition . This is not a Zestimate ! A must for every homeowner to stay on top of their LBI investment .
SAND DOLLAR REAL ESTATE 217 N . Long Beach Boulevard , Surf City 08008 609-494-1130 • SandDollaronLBI @ att . net • LBIrealestateNews . com Serving LBI since 1983
OASIS MAGAZINE | 3