March 2024 LBI Market Update
March 2024 brought some interesting shifts in the real estate market on Long Beach Island (LBI) when compared to the previous month of February. Let's explore the key statistics to get a clearer picture of the trends:
Sales: In March, there were 35 homes sold on LBI, showing a notable increase from the 22 sales in February. This uptick in sales could indicate a growing demand in the market, however; based on past trends March is a historically active month for listings and sales. As one could imagine, with summer approaching many looking to buy a shore home decide to purchase during the spring to have ample time to get ready to enjoy the best months of the year. By doing so buyers avoid the first carrying costs being in the winter months with minimal use of the home.
Active Listings: The number of active listings in March stood at 176, slightly higher than the 172 listings in February. This increase suggests that more properties are slowly coming onto the market, providing buyers with a few more options.
Average Sold Price: The average closed home price in March was $1,850,457, up from $1,776,024 in February. This rise in average price points to incessant buyer demand, continued relatively low supply, and steady home appreciation.
CDOM (Cumulative Days on Market): The CDOM increased to 124 days in March compared to 92 days in February. This indicates that homes on the market took longer to sell in March, which could be influenced by various factors such as seasonality, buyer preferences, the overall economy, prices, and more.
New Listings: March saw 51 new listings, slightly fewer than the 54 new listings in February. While the number decreased marginally, the market still showed healthy activity with new properties being introduced at a faster rate than the amount sold. If this continues in the long-term, the island’s supply will continue to rise eventually easing pressure on buyers.
Sales-to-List Ratio: The sales-to-list ratio remained relatively stable at about 96.2%, showcasing that properties on LBI continue to sell close to their listing prices. It is notable that this ratio is beginning to go back to pre-pandemic levels hovering around 95%-96% sales-to-list ratio.
In conclusion, the real estate market on Long Beach Island exhibited positive momentum in March 2024, with increased sales, a rise in average prices, and a steady sales to list ratio. The slight increase in active listings and CDOM may present opportunities for both buyers and sellers to navigate the market effectively. As we move forward into the spring season, it will be interesting to see how these dynamics evolve and shape the LBI real estate landscape.
Stay tuned for more updates on the LBI real estate market as I continue to monitor and analyze the trends in the coming months.
