As we move further into the fall season, the Long Beach Island (LBI) real estate market has experienced some notable shifts compared to September. While some metrics point to a slowing market, others highlight the evolving dynamics that define this time of year. Let’s dive into the numbers and what they mean for buyers and sellers.

Sales Performance

October: 31 property sales

September: 43 property sales

The number of property sales in October decreased by nearly 28% compared to September. While seasonal slowdowns can sometimes affect fall sales, that’s typically not the case on Long Beach Island, where the fall market is often robust. This year, the drop in sales could also be attributed to limited inventory. With fewer new listings entering the market and many homes selling quickly, buyers may be finding it challenging to secure their desired properties. Additionally, rising interest rates, economic uncertainty, and of course the election may have prompted some buyers to hold off on making a purchase, impacting the overall sales numbers. Despite these challenges, 31 sales is still a solid performance, reflecting the ongoing interest in LBI’s unique real estate market.

Inventory Levels

October: 165 active listings

September: 169 active listings

Inventory levels saw a slight dip in October, decreasing to 165 active listings compared to 169 in September. This marginal change suggests that the pace of new listings is leveling off after the post-summer surge in September. However, inventory is still struggling to increase due to the active and busy levels of buyer demand in the market. Many homes are being snapped up as soon as they hit the market. Looking ahead, inventory may stabilize in the coming months as buyers shift their focus toward the holiday season and overall market activity slows down.

Average Sold Price

October: $1,986,223

September: $2,410,856

The average sold price dropped significantly in October, falling by nearly 18% compared to September. This decline suggests fewer high-end properties were sold this month, shifting the average price lower. For buyers, this could be an excellent opportunity to find value in mid-range homes. For sellers, it emphasizes the importance of strategic pricing in a competitive market.

Days on Market (CDOM)

October: 24 days

September: 56 days

Homes sold in October moved off the market significantly faster, with a median of just 24 days compared to 56 days in September. This sharp decrease reflects the strong demand we’ve seen not only this past month but throughout the year. Fall tends to be a season of high activity, with buyers eager to secure properties before the end of the year. Homes that are priced competitively and marketed effectively are attracting attention quickly, leading to shorter turnaround times in the current market.

New Listings

October: 60 new listings

September: 77 new listings

The number of new listings decreased in October, with 60 properties hitting the market compared to 77 in September. This dip is consistent with seasonal trends, as some sellers may wait until after the holidays to list their properties. For active buyers, this means fewer new options entering the market.

Sales-to-List-Price Ratio

October: 98.6%

September: 96.1%

The sales-to-list-price ratio rebounded in October, rising to an impressive 98.6%. This increase indicates that buyers are paying closer to asking prices, suggesting a competitive environment for well-priced homes. Sellers who price strategically are likely to see strong results.

Conclusion

The October 2024 market update for Long Beach Island reflects a mix of seasonal adjustments and competitive market activity. Sales have slowed, and the average price has dipped, but homes are selling faster and closer to their list prices. Inventory remains tight as buyer activity stays strong, but we may see a stabilization in the coming months as the market cools for the holiday season.

For sellers, this remains a great time to list strategically to take advantage of buyers looking to close deals before year-end. For buyers, acting quickly and decisively will be key in securing your dream property in a fast-moving market.

Stay tuned for next month’s update as we track how the market evolves into the holiday season.