October LBI Residential Real Estate Market Update

• October 2023 ended with 193 active properties. Compared to October 2022, inventory is down ≈33%.

• Comparing the number of properties sold in the month, 2022 realized 40 sales while 2023 saw 38. This statistic helps highlight that there is still a steady demand for LBI homes despite the increase of mortgage rates, low inventory, inflation, and other economic factors. 

• LBI observed the addition of 43 new active listings during this past month. Year-over-year, new listings are down ≈38% for the month of October.

• 2023 average sales price was $1,855,449.

In summary, Long Beach Island, while without a doubt is facing an inventory shortage (as is most of the country), continues to maintain a stable position in the market. With the number of homes sold and new listings down year-over-year, buyer demand is surprisingly staying in pace with the number of new homes added to the market, striking a near balance. Despite economic challenges, buyers are still steadily purchasing homes. While this is certainly a positive, stable demand with a dwindling supply makes it difficult to see a real increase in overall inventory in the short or long run. From the viewpoint of a seller, this is still a great time to list your home and take advantage of record low inventory levels and increasing prices. In terms of a buyer, any new home coming on the market is an opportunity to find your dream home at today’s prices. As the island has proved time and time again, home values will continue to appreciate, displaying faster growth in the past few years fueled by inventory and demand. In addition, most sellers at this point in time are behaving more reasonably in terms of accepted financing, contingencies, and negotiation. Overall, the island is struggling to receive and maintain more homes for sale to bring inventory levels to a more “normal” measure, however, not everything is doom and gloom. Buyer’s are displaying much resilience, seller’s are still receiving exceptional deals, and prices are remaining stable. Please reach out to me if you have any questions about buying or selling on LBI! 

Source: Bright MLS®

Data: Residential single-family, multi-family, and land sales on all of LBI