YEAR	Total Units Sold	Ave. Sales Price	Days on Market
2004	540	$929,771	119
2005	451	$1,129,906	118
2006	291	$1,156,435	126
2007	385	$1,077,626	154
2008	298	$1,090,744	153
2009	285	$934,629	178
2010	297	$1,020,659	180
2011	301	$951,498	194
2012	369	$939,150	176
1st Q 2013	46	$845,348	152

 

Due to our visit from Sandy, we must recognize that we lost the entire 4th Quarter of 2012 which  feeds our 1st Quarter of 2013 closed sales.

The first quarter of 2013 had 46 homes closed while 2012 had 90 closed - about a 49% drop. The average sales price for the 1st Quarter of 2013 is $845,348 versus 1st Quarter of 2012 with an average sales price of $873,832. This is only a 3% drop in price. The number of days on the market has dropped to 152 from 189 in 2012. Inventory remains low with 438  single family and condo homes on the market as of 4/17/2013. We usually see somewhere between  500 to 525 residential homes on the market. In reviewing the data from October 2012 to March 2013 we actually saw a slight  increase in average sales price. This is good news for LBI and rather unexpected.

Currently we are seeing a larger number of storm damaged homes being listed. These homes are mostly located on the bayside or first block ocean side. These are the older capes and are being offered at a reduced rate as many have had their first floor gutted and are being sold ‘as is’. As these homes are purchased at these lower prices, it is expected that the average LBI sales price will also trend lower in the future.

 

As of 6/30/12, the single family market is 30% ahead of last year for the same time period in number of single family homes sold. Inventory is at 460, which is about the same. The  Sales are significantly up and inventory remains the same Pending sales are also up considerably. It appears we are on definite upswing in our LBI market. In spite of Sandy which virtually shut down our market the last quarter, we still outperformed 2011.

Note: the large number of properties sold in 2009 in the $500,000 to $750,000 range. Over 69% of the sales were under $1M. 2010 shows a rebound on price, slight but at least an upward trend. This became obvious around May 2010 and has continued to the end of the year. Inventory drops a bit as sales activity increases.

 

2011: Over 71% of sales were under $1M, 33% were between $500,000 to $750,00 and 1% were under $500,000.

 

2012: 67% of the sales were under $1M