As we get closer to the holiday season, the Long Beach Island (LBI) real estate market has shown some interesting changes compared to October. While certain metrics suggest a slight cooling, others point to continued buyer activity despite the seasonality of the market. Let’s break down the numbers and what they mean for you.

Sales Performance

November: 37 property sales

October: 31 property sales

November saw an increase in property sales, rising to 37 compared to 31 in October—a nearly 20% boost. This uptick is unusual for this time of year when sales often taper off due to the holidays. The increase highlights steady buyer demand, driven by those looking to close deals before year-end. Despite uncertainties like rising interest rates and economic shifts, LBI’s market continues to demonstrate resilience.

Inventory Levels

November: 167 active listings

October: 165 active listings

Inventory levels in November remained relatively flat, with a slight increase to 167 active listings compared to 165 in October. While new listings slowed this month, as is typical heading into the holidays, the market still faces challenges in building inventory to meet buyer demand. Many homes are selling quickly, which has kept inventory tight. Looking ahead, inventory could remain stable until early next year when the spring market typically brings a surge of new listings.

Average Sold Price

November: $1,700,000

October: $1,986,223

The average sold price in November dropped to $1.7 million, a decline of approximately 14% from October. This decrease indicates that fewer high-end properties changed hands during the month. Sellers of luxury properties may need to adjust expectations or focus on strategic pricing to compete effectively.

Days on Market (CDOM)

November: 29 days

October: 24 days

The median days on market rose slightly in November to 29 days, up from 24 days in October. While homes are still selling quickly by historical standards, this increase could reflect buyers taking a bit more time to navigate a slower-paced holiday market. However, strong demand continues to keep days on market relatively low with negligible changes, reinforcing the importance of pricing and marketing homes effectively.

New Listings

November: 35 new listings

October: 60 new listings

New listings dropped significantly in November, with only 35 homes hitting the market compared to 60 in October—a decrease of 42%. This decline is typical as sellers often delay listing until after the holidays. For buyers, this means fewer options in an already tight market. For sellers, this reduced competition could be advantageous for those who choose to list during this time.

Sales-to-List-Price Ratio

November: 96.9%

October: 98.6%

The sales-to-list-price ratio dipped slightly in November to 96.9% from October’s 98.6%. This decline suggests that buyers are negotiating more favorable deals, possibly due to reduced competition in the slower holiday market. Sellers should take this into account and ensure their homes are priced competitively to attract serious buyers.

Conclusion

The November 2024 LBI real estate market displayed a mix of seasonal trends and continued buyer activity. Sales rose compared to October, but the average sold price and new listings dropped, highlighting the market’s evolving dynamics. Inventory remains tight, and homes continue to sell relatively quickly, keeping the market active despite the holiday season.

For buyers, this is a good time to act decisively, as competition is lighter but inventory options are limited. For sellers, those who list strategically during this quieter period may benefit from reduced competition and motivated buyers looking to close deals before year-end.

Stay tuned for next month’s update as we review how the year closes out and what’s on the horizon for the LBI market in 2025.