Long Beach Island Real Estate Oceanfront Sales Update

Long Beach Island Real Estate Oceanfront Sales Update

Long Beach Island Real Estate Oceanfront Sales Update

Long Beach Island Real Estate Oceanfront Sales Update
Long Beach Island Real Estate Oceanfront Sales Update

 

LBI NJ Real Estate

The Long Beach Island real estate market has been showing exceptional strength, and nowhere is this more evident than the oceanfront real estate market. Fueled by high demand and a plethora of new constructions, the oceanfront sales market has seen some of the highest price points ever. As you will see from this Long Beach Island real estate oceanfront sales update, market activity and demand are both very strong.

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Long Beach Island Real Estate Oceanfront Sales Update

Sales of single-family homes in the oceanfront areas of Long Beach Island show us the following statistics over the past six months:

  • There were 19 closed oceanfront transactions.
  • The average price of a single-family home on the oceanfront was $2,614,034.
  • The average price per square foot of a single-family home was $775.28.
  • On average, homes spent 206 days on the market.

The composition of homes sold ranged from older contemporaries built in the 1970’s and 1980’s to impressive new constructions with some trading for more than $4 million. In fact, the most expensive home to sell was situated on nearly 2 acres of land and sold for $8,300,000! This is an exceptionally high price for a single-family home in the LBI real estate market. Also, what is interesting to note is that at least six of the 19 homes sold were real estate investments. A buyer had purchased the property, demolished the existing structure, and built a new home to resell in the market. These investments can bring tremendous profits, and there are many opportunities that exist for such an investment.

For more information about the oceanfront real estate market on Long Beach Island or a Long Beach Island real estate oceanfront sales update, please do not hesitate to contact me.

 

By : Nathan Colmer | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

www.BuyLBI.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

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