Single Family Oceanfront Sales in the LBI NJ Real Estate Market
The LBI NJ real estate market had a very strong and very active year in 2017. Overall market activity was strong (541 single family homes sold in 2017 with an average price of $1,106,290) and the oceanfront home market was no exception. Oceanfront homes helped to drive the average price of a single family home higher on LBI and nowhere is this more evident than in the new construction oceanfront market. Most new oceanfront homes sell in the around $3,500,000 or higher, a price not seen on Long Beach Island ever before. This demand has to do with Sandy creating an unprecedented wave of new construction that has helped to fuel a major increase in the LBI market. The simple law of supply and demand comes into play as there are fewer and fewer opportunities to build a new oceanfront home on LBI. Given the enormous activity in the oceanfront market and considering that the higher end of the market usually dictates the future of the overall market, 2017 Long Beach Island oceanfront sales show a positive future for the LBI real estate market.
2017 Long Beach Island Oceanfront Sales
Sales of single family homes on the oceanfront for all towns on Long Beach Island (Barnegat Light, Harvey Cedars, Long Beach Township, Surf City, Ship Bottom and Beach Haven) are broken down as follows:
- 55 closed sales
- The average price of an oceanfront home was $2,330,326
- The average days on market was 159
- On average oceanfront homes sold for 93.67% of their listing price and sold for $766.10 per sq. foot
The least expensive oceanfront home on Long Beach Island to sell was 4703 S Long Beach Blvd, an oceanfront in Holgate that was sold for land value. This home traded for $1,100,000 as tear down and spent 54 days on the market. By contrast, the most expensive home to sell was 167 Long Beach Blvd, a massive estate trading for $8,300,000 after spending about a year on the market.
Overall oceanfront sales on Long Beach Island show us that buyers are willing to pay a premium for the best house in the best location that the market has to offer. Of the 55 homes sold, six traded for over $4,000,000 and four traded for over $5,000,000. Clearly the high end of the market is active. There are still some excellent opportunities to purchase an oceanfront home on LBI either as an end user or as a builder looking to develop a site. For more information about 2017 Long Beach Island Oceanfront Sales or about the Long Beach Island real estate market in general, please do not hesitate to contact me.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | email@example.com
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