LBI real estate market April recap

April Recap

April continued the trend of fast-moving inventory on LBI. Single-family homes, condos, and multi-family properties were absorbed in an average of 69 days, down from 75 days in March and 101 days in February, showing a clear acceleration in buyer activity.

New listings declined month-over-month, with 39 properties hitting the market in April compared to 54 in March, further tightening inventory. Despite fewer listings, the island remained active—properties that came on the market were often met with strong interest and quick offers.

There were several price reductions this month, primarily from listings that were initially priced above market value. However, the sale-to-list price ratio of 99.2% demonstrates that homes priced appropriately are selling quick without the need for adjustment.

Additional Market Indicators:

• Median sale price March: $2,260,465

• Median sale price April: $2,780,722
  

• Number of closed sales March: 24

• Number of closed sales April: 33

• Interest Rate Context:
  Ongoing uncertainty around tariffs and broader economic concerns made it challenging for lenders to predict mortgage rate trends in April. The month began with average rates on 30-year fixed loans around 6.60% and ended closer to 6.81%.

  Takeaway:
  While rates remain elevated, they’re still within a historically reasonable range—and any dip can create a short window of opportunity for well-prepared buyers. Staying pre-approved and ready to act remains key in today’s market.

May Outlook

As we approach the summer months, we typically see an increase in new listings. In 4 of the past 5 years, May has brought more listings than April, with an average of 52.6 new properties. Historically, the average sale-to-list price ratio in May is 97.48%, reflecting LBI’s stability as a market and indicating the typical discount buyers can expect.

There’s opportunity in May—with more listings likely to hit the market, it’s a great time to stay informed. Ask us about properties that have been on the market for an extended period, where sellers may be more motivated, or let us keep you updated on the latest new listings so you're ready to act.