LBI Real Estate Market Update
April Recap
Summary
April’s closings were largely a reflection of March’s market activity, with 31 properties settling during the month — most of which had gone under contract in March. Nearly half (15) sold at or above their list price. Sale prices showed considerable variation, ranging from 15% over asking to 15% below, highlighting the case-by-case nature of the market. On average, homes sold for 98.7% of list price and spent 66 days on the market before going under contract.
In April, market volatility prompted many buyers to pause their searches, resulting in just 22 properties going under contract. New listings also remained below the post-COVID average, with only 42 homes hitting the market. Although expired and withdrawn listings increased by 16, overall inventory rose for the third consecutive month, up by 4 to 135 active listings. This contributed to a noticeable buildup of aging inventory, with average days on market increasing by 3 to 87 as we entered May. Negotiability, however, remained highly variable, with some properties receiving multiple offers, while others allowed significant room for negotiation.
May Outlook
Early indicators in May suggest an uptick in activity over April.
BuyersÂ
Buyers looking to purchase before summer have a rare advantage: reduced competition and aging inventory — an uncommon dynamic for May, which is typically one of the most competitive months as buyers make a final push ahead of summer. This marks one of the few times in the post-COVID market where buyers have a variety of selections with the potential to trade below market value. This opportunity spans all price points, but is especially pronounced at the higher end. Of the 135 active listings, 43 have been on the market for over 100 days, with a median list price of $3,400,000, compared to $2,100,000 for those listed less than 100 days.Â
Historically, market slowdowns in recent years (2021-2024) have turned out to be strong buying opportunities shortly after. Whether the current conditions follow that pattern remains to be seen. That said, buyers should keep in mind that July through September have consistently been the busiest months in the post-COVID market. If many who paused their search this spring return at once, we could see a return to a highly competitive, low-inventory environment by mid-summer and fall — especially given that total inventory remains 80% below pre-COVID levels and new listings continue to underperform.
Sellers
Determining whether your property has the potential to be a ‘hot’ listing is key to deciding if you should list before summer. The market remains highly variable, as shown by two new listings last week that received multiple offers almost immediately. If you think your property could attract strong interest, it’s important to develop a pricing strategy that positions it for success early in the season, while also allowing room for small price adjustments to keep it competitive through the summer. However, if your property is less likely to generate high demand, it may be best to wait until summer, when buying activity typically peaks in the post-COVID market.
Featured Property
5 E Dayton Ave. Brant Beach
$3,850,000
Brant Beach- Ocean block New Construction! Designed and built by Michael Pagnotta- This special property checks all of the boxes. Situated on an oversized 75 x 100 lot… this beautiful new construction offers the unique benefit of being ocean block and just several houses from the beach AND offering stunning, unobstructed bay views. The versatile location of this home gives you the option to enjoy the benefits of events like Firepit Fridays on the beach just one block away, or launch your kayak/stand up paddleboard across the street at Bayview Park. Approx 3,400 sq ft and featuring 5 bedrooms, 5.5 baths, a large 2nd family room, a spacious laundry room, 3 stop elevator, and 3 car garage. Other features include wideplank engineered hardwood floors throughout, reverse living with open floor plan and high volume ceilings, gas fireplace, all high end appliances, etc. The exterior of the home was done tastefully with coastal friendly materials including Nu-Cedar siding and Azek trim. This house was built with outdoor entertaining in mind- there is no shortage of decks offering stunning bay views… or step up to the rooftop for outrageous ocean and bay views as well as a crystal clear look at the Causeway Bridge lit up at night. The large backyard features well appointed hardscaping, an outdoor kitchen, and a 14 x 30 inground, heated, saltwater pool. Some photos have been virtually staged |
