LBI MARKETRENDS for LBI single family January-June 2023
LBI REAL ESTATE UPDATE
July 2023
Researched & Presented by : PAT SEPANAK , Broker / Owner Sand Dollar Real Estate
YEAR
LBI MARKETRENDS for LBI single family January-June 2023
# Units Sold
Average Sales Price
Avg Days On Market
% List to Sales Price
2022 200 $ 1,829,978 55 98 %
2023 160 $ 2,154,566 65 96.6 %
Note : by mid-year , 4 LBI sales were over $ 8M , with the smaller number of unit closed , this will have more of an impact on ASP
Market Analysis - This month showed very little movement in the Average Sales Price . As mentioned prior , ASP has been hovering just above and below $ 2M . We are certainly not seeing any downward movement and will not as long as inventory remains low . As of 7 / 12 / 23 , the number of single family homes on the market for sale has dipped to 104 units . The number of new listings coming on the market is behind as well . In comparison , in 2019 , 512 new listings came on the market between Jan and June of that year . This year , there have been 245 new listings come on the market between Jan and June . As long as inventory remains light , buyer activity remains strong , the ASP will not weaken . It most likely continue to creep up especially with prime properties such as waterfronts , new construction and those entry level homes priced under $ 1M .
SELLERS : Curious as to your LBI Home Value ? Is now the best time for you to sell ? Start with for our Online Market Evaluation ( see below ). Let ’ s be honest , over the last few years it didn ’ t take a lot of time or talent to sell a home - they sold themselves . Those days are behind us and now it will be imperative for agents to upgrade their marketing programs , constantly monitor the market and sharpen their negotiating skill set . Buyers and sellers need an indepth understanding of the LBI real estate market today as well as the potential of the LBI real estate market tomorrow and next year . Sand Dollar Real Estate has been through markets like this before , and is always ready to share their knowledge and expertise as we face this challenging year . Just check out some of our programs designed to educate buyers and sellers , so they may make the right decisions about purchasing or selling an LBI beach house .
LBI Real Estate Seminar Is this the right time to Buy or Sell ? What strategies can you implement to get the best return ? Find out the answers to these questions and ask yours . Topics Include :
Latest LBI Stats - Historic Overview , Current Conditions & Forecast for 2023 LBI Rental Market - Also will be more challenging - how to stay competitive Tax Advantages - Second Home vs . Investment , Proposed Tax Changes 1031 Tax Exchanges - Postpone taxes on the sale of your rental property Flood Insurance - Update on New Rates from FEMA Risk Rating 2.0 Local ‘ Hot Buttons ’ - Ocean Wind Farm , Flooding , Zoning of all towns Strategies - Sellers & Buyers - Ideas to get the most out of this market Q & A Period - For any topics not covered or for more detailed discussions
DATES : 3 pm on Wednesdays throughout the Summer Reservations & Information : Visit LBIrealestateNews . com or call 609-494-1130 , if you can ’ t make any of these dates , feel free to call Pat Sepanak with your questions and she will be happy to discuss the LBI market - tailored to your specific requirements .
Here are just a few of our exclusive programs , learn more at : LBIrealestateNews . com
Online Market Evaluation - Answer a few questions about your LBI property and be sent a report chock full of info about current market condition and an in-depth analysis explaining your property ’ s price range of value ,
MarkeTrends E Newsletter - Published twice a year , January & July , our ‘ Crystal Ball ’ forecast on the LBI sales and rental market , along with other LBI topics of interest . Email : PatonLBI @ gmail . com to be added to the subscription list . New July Issue out now !
Search our Local MLS - Search for your beach house from the same site local Realtors use . Choose pre-defined popular searches or then create your own custom searches . Use quick or advanced search modules or by map location , go to : FreeLBIHomeSearch . com
Early Buyer ’ s Alert Program - We can make it even easier for you . Fill out a simple form on our website 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 .
SAND DOLLAR REAL ESTATE 217 N . Long Beach Boulevard , Surf City 08008 609-494-1130 • SandDollaronLBI @ gmail . com • LBIrealestateNews . com Serving LBI since 1983
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