Year End Review of the Long Beach Island Real Estate Market
Now that 2015 has come to a close, it is possible to determine how the LBI real estate market has concluded. Overall, the market performed very well in 2015, and the general perception is 2015 was one of the best years in a long time for home sales. There are many different ways to measure the Long Beach Island real estate market. At this time, we will be examining the number of homes sold and the average sales price of a single-family home to determine how 2015 LBI New Jersey real estate compared with past years.
2015 LBI New Jersey Real Estate
The real estate market on Long Beach Island is broken down as follows:
- The average price of a single-family home was $972,308.
- There were 379 single-family homes sold.
- The average price of a single-family home was $1,027,057.
- There were 426 single-family homes sold.
The numbers above speak for themselves! There were significantly more homes sold in 2015, 47 to be exact, and the average price of a single-family home was approximately $55,000 higher. These statistics certainly hold true with the first-hand experience I have seen in the LBI real estate market.
The LBI NJ Real Estate Market
Part of the reason we are seeing a higher average sales price has to do with the nature of homes sold. Since Hurricane Sandy, there has been an unprecedented wave of new construction and as these new homes appear on the market, the average price was sure to rise. That being said, it takes a certain amount of confidence in a real estate market and in the future of the area for a buyer to invest in the purchase of a second home or vacation property. This confidence is real as seen by the significantly higher number of homes sold in the LBI real estate market. Buyers have been highly active and very aggressive in their pursuit of properties, for personal use or for an investment. So far, we see these trends continuing throughout 2016 despite a rocky start to the stock market. The LBI real estate market has buyers looking to come down and invest on Long Beach Island. For more information about 2015 LBI New Jersey real estate or the LBI real estate market in general, contact and I will be happy to answer any questions you have.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | email@example.com