LBI Real Estate July Trends Report
LBI REAL ESTATE TRENDS REPORT – JULY ISSUE
Greetings from Richard Dodd of Mancini Realty, your resource for timely information regarding the sale, purchase, investment or rental of your Dream Home on Long Beach Island. This report covers six municipalities: Beach Haven, Long Beach Township, Ship Bottom, Surf City, Harvey Cedars and Barnegat Light.
Mancini Realty has been delighting clients on LBI for over 30 years. We are results oriented. I am pleased to share that my recent $2.1 million listing in Beach Haven Crest received two full price offers in the first sixty days and was the most visited Zillow destination on LBI.
The critical success factors in LBI home sales are location, condition, price, marketing programs and agent effectiveness. At Mancini Realty our goal is to help our clients sell their homes at a premium price, market adjusted, in two months or less. I am committed to exceeding your expectations whether you are selling, buying, building or renting on our majestic island.
We are experiencing some key trends in home sales across the island. The first quarter of 2017 was highlighted by a strong seller’s market with depleted inventory. Inventory levels rose in the second quarter and buyer demand leveled off.
We are now in the final month, August, of the summer rental season. Based on prior year’s selling patterns, many off-the-market rental homes will be relisted after the Labor Day Holiday. Here is a seven-month picture to aggregate home sales across the entire island.
LONG BEACH ISLAND OVERVIEW AND REAL ESTATE TRENDS
Long Beach Island is a barrier island spanning 18 miles of beautiful beaches from ocean-to-bay covering over 20 separate communities. The major zip codes include 08008 for Long Beach Township, Harvey Cedars, Beach Haven, Ship Bottom, Surf City and 08006 for Barnegat Light. Each community offers something different that adds to the local charm. There are an estimated 12,000 year-round residents on the island, which expands to over 100,000 residents and visitors in the summer.
Saying LBI has a poetic ring to it. Three letters “LBI” captures images of a destination beach resort for owning year-round-homes, vacation getaways and investment properties. Just as “The Hamptons” posits images of affluent New Yorkers enjoying the summer season, so too does LBI. LBI is becoming “The Jersey Hamptons” as the most desirable destination in New Jersey for beach lovers of all ages.
LONG BEACH ISLAND (LBI) REBIRTH
LBI is back! Long Beach Island has rebounded from Hurricane Sandy with grace and purpose. Everyone loves a comeback story. This majestic island is a family friendly destination with white sandy beaches, restaurants serving fresh local seafood, state parks acting as nesting areas for migratory birds and fishing hot spots, and of course Barnegat Lighthouse (endearingly termed “Old Barney” by locals). A true test for visitors is to climb the 217 lighthouse steps to reach the top – a panoramic circular area overlooking the inlet, bay and ocean.
LBI is actually a series of micro markets for real estate. Every LBI property is unique and carries its own story and market value. Property value determination requires a detailed review of location, supply, demand, flood zone status and other factors in order to produce a tailored Comparative Market Analysis (CMA) for your property. This is a service I preform for my clients. I am also certified in the Harvard Negotiation Process to structure the best deal for you – whether you are selling, buying or having a custom home built.
*Long Beach Township includes the communities of Beach Haven Crest, Beach Haven Gardens, Beach Haven Inlet, Beach Haven Park, Beach Haven Terrace, Brant Beach, Brighton Beach, Haven Beach, Holgate, Loveladies, North Beach, North Beach Haven, Peahala Park, South Beach Haven, Spray Beach and The Dunes.
Seller/Buyer Ratio – The ratio is the relationship between the number of home sellers compared to the number of buyers who have contracted to purchase a home during a given month. For example, a ratio of 10:1 means there are 10 sellers for every 1 home buyer, thus indicating an oversupply market condition. This would be a buyer’s market. A ratio of 4:1 would indicate a seller’s market.
Months of Supply – A projection of how many months it will take for the local housing market to absorb the inventory of unsold homes. This is a meaningful measure of market absorption.
LBI’s close proximity to major population centers such as New York and Philadelphia make it the perfect destination for vacationers and savvy buyers looking for great vacation homes and investment properties.
A more detailed town-by-town analysis is available by visiting www.dreamhomeslbi.com and filling out a request form. There are five key factors affecting home sales: location, condition, price, marketing plan/s and real estate agent effectiveness. Choosing the right agent is a critical success factor in helping you achieve your desired results.
Mancini Realty uses a proven 5P formula (Plan, Price, Promote, Prospect, Price Watch) for successfully selling homes, whereas other firms use 3P’s. Let me share our unique process to help you achieve your real estate dreams.
Note: In addition to my Premier Real Estate Agent designation, I’m a published author (Amazon/Kindle, Huffington Post, NY Newspapers and our local Sandpaper), volunteer with ReClam The Bay (RCTB) and lead tours at the 9/11 Memorial Site in NYC.
I want to apply for the job of selling your home for the highest price, market adjusted, in the shortest amount of time. I’m proud of my track record in delighting my clients. Contact me to begin our journey together in selling, buying or investing in a Dream Home on LBI. I will also help you secure a summer rental. Call me to schedule a meeting at my office at Mancini Realty in Beach Haven Gardens or at your home. My office number is (609) 492-2256 x 13, while my cell number is (609) 618-2741. You can also send me an email at firstname.lastname@example.org or visit www.dreamhomeslbi.com.
13515 Long Beach Blvd
Beach Haven Gardens, NJ 08008
O (609) 492-2256 x 13
Cell 1 (609) 618-2741
Cell 2 (646) 245-8315