What’s Going On On The Island

The event calendar is still fairly sparse — no surprise given the time of year and the weather.

If you’re down and looking to get out of the house, The Port Hole is hosting trivia every Wednesday night from 6–8pm with Highly Questionable Trivia. It’s a great excuse to get out and break up the week.

The Polar Plunge is scheduled for this weekend, although whether it happens will depend on conditions. Admittedly, that’s a tough sell in a winter like this — kudos to those brave enough to take the plunge if it goes on as planned.

With this being one of the quietest stretches of the year, it’s officially planning season — especially for weddings and bachelorette parties.

For couples considering an island wedding, the LBI Foundation is hosting a Wedding Vendor Showcase on March 8th, featuring local vendors, complimentary engagement ring cleaning, specialty drinks, raffles, and giveaways.

And for those planning to have their bachelorette party on LBI, we’ve created a complete guide to give you ideas on where to stay, dine, and celebrate.

Click here for the full guide.

— Beau

What’s Going On In Real Estate

As of now, we have just 13 homes under contract for the month of February and 35 homes under contract year-to-date.

Since 2021, we have seen an average of 79 homes go under contract from January through February. At 35 homes year-to-date, we are currently tracking approximately 56% below that recent market average.

Looking back to when the MLS began tracking data in 2000, there is a chance we could break the record low for February, which was set in 2013 at 17 homes. If that happens, it would mark the slowest February from a contracted-home standpoint on record.

Despite the record-low purchase activity, six expired listings this week caused inventory numbers to stall, and we continue to hover in the low to mid-90s.

All eyes now turn to March.
Will buyers come out of hibernation in droves once the weather breaks?
Will we see a normal start to the spring market?
Or will we get a surge of new inventory?

The next few weeks should give us a much clearer picture of where things are headed as the spring market begins to take shape.

— Drew