April 2024 Real Estate Sales Market on LBI
In the ever-evolving landscape of real estate, staying in tune with market trends is essential for both buyers and sellers alike. As we interpret the statistics for April 2024 on Long Beach Island, it becomes evident that the market continues to provide a mix of resilient buyers, despite the island’s stagnant inventory, which seems to be unable to break past 200 homes for sale at a given time.
Sales Performance:
The month of April witnessed 35 property sales on Long Beach Island, a volume even with the number of sales in March. This indicates a steady flow of transactions, reflecting ongoing demand for homes on Long Beach Island. Historically, this is to be expected during the Spring months of LBI, often proving to be some of the most active months for sales.
Inventory Levels:
Active listings stood at 173 properties, highlighting the island’s struggle to consistently add more listings that stay on market. While sellers still seems to be in the advantageous position, there is an active pool of buyers waiting for their dream home. From my own observations, properties under the $2.5m mark tend to be the homes moving the fastest (as expected). More about this below.
Average Sold Price:
The average sold price for properties on Long Beach Island in April 2024 reached an impressive $2,510,584. This figure underscores the desirability of the area's real estate and highlights its continued appeal to discerning buyers. It also points to buyers in higher price pools actively purchasing. Average sold prices can fluctuate greatly month-over-month due to the large price differences in island listings, along with a relatively low volume of homes sold per month. With the average sales price for April being above the average for YTD, it can be assumed some higher price tag homes are selling.
Days on Market:
The average cumulative days on market (CDOM) for properties in April was 83 days. This metric provides valuable insight into the pace at which properties are being sold, indicating moderate market activity with homes sitting a bit longer than during the COVID years. As discussed above, homes below $2.5m are sitting for an average of about 2 weeks less than homes above the $2.5m mark.
New Listings:
During April, 43 new listings entered the market on Long Beach Island. This influx of fresh inventory injects vitality into the real estate landscape, catering to the evolving needs and preferences of buyers seeking their dream homes. Lately, I personally have enjoyed seeing the number of new listings outpacing the number of sales. This trend is crucial in order to begin the long road ahead of reaching historical inventory levels. As a reminder, before COVID, at any given time the island would see about 400-500+ homes for sale on the market. Now, being well below 200 homes for sale, one can understand the difficulties a buyer and other related parties experience in this landscape.
Sales-to-List Ratio:
The sales-to-list ratio, a key indicator of market competitiveness, stood at 96.8%. This metric underscores the efficiency of pricing strategies employed by sellers and suggests a strong alignment between listing prices and actual sales figures. The metric also points-out to interested buyers that most homes are selling slightly below asking. During the past few years, many homes on island were selling at list price or over. Seeing any gap in sales-to-list price is overall encouraging and aids in a more positive mindset to a buyer.
In summary, the real estate market on Long Beach Island in April 2024 presents a picture of resilience, activity, and opportunity. As we navigate the current dynamic landscape of real estate, staying informed and proactive remains paramount for achieving success in today's market.
Whether you're considering buying, selling, or investing, leveraging the insights learned from market data can empower you to make informed decisions and navigate the real estate landscape with confidence.
Source: Bright MLS® Residential, Multi-family, and Land data for April 2024
