Single Family Home Prices And Market Activity Are Higher In Long Beach Township
Hurricane Sandy and the LBI NJ Real Estate Market
The Long Beach Island area and the LBI NJ real estate market have made a tremendous recovery in the wake of Hurricane Sandy. While the impact of the storm is still visible in many areas, the majority of homes on Long Beach Island are back to normal and ready for Summer 2014! A good way to measure the recovery of the area is by looking at the sale of single family homes on the bayside areas of Long Beach Island since this was the area most heavily impacted by flooding from Hurricane Sandy. The good news is Bayside Single Family Homes Show Improvement in the LBI Real Estate Market in Long Beach Township!
Bayside Single Family Homes Show Improvement in the LBI Real Estate Market
Examining the sale of single family homes on the bayside areas of Long Beach Township reveal some interesting numbers! The following information represents a comparison of closed LBI real estate transactions from January 2013-March 2013
- 6 single family homes sold on the bayside in Long Beach Township
- The average price of a single family bayside home was $574,166
- On average, homes spent 241 days on the market and sold for 93.1% of their asking price
By comparison, January 2014-March 2014 showed much better numbers. Sales during this time period were broken down as follows:
- 9 bayside single family homes closed in the LBI real estate market
- The average sales price of these homes was an impressive $734,450
- On average, homes spent only 135 days on the market and sold for 94.8% of their asking price
The numbers show how far the LBI real estate market has come since Hurricane Sandy and the general confidence that prevails in the local market. For the area most hard hit by Hurricane Sandy to show this kind of improvement is truly an accomplishment. Not only did more homes sell, they sold for substantially more money, the sold for a higher percentage of their asking price and spent about half the time on the market! In 2014 single family home prices on the bayside ranged from $360,000 to over $1,200,000! This shows the potential for purchasing a storm damaged home and the amount of appreciation that can be realized in the market! It is clear that Bayside Single Family Homes Show Improvement in the LBI Real Estate Market!
Buying a Vacation Home in the LBI NJ Real Estate Market
Investment in any real estate market requires an understanding of the local area, economy and the factors that drive the market. On Long Beach Island, it is also important to understand how flood insurance has and will impact the value of the real estate market. The good news is, many homes on LBI are not required to be raised and already meet or exceed the new Base Flood Elevations. For more information about how Bayside Single Family Homes Show Improvement in the LBI Real Estate Market or about the LBI real estate market in general, please do not hesitate to contact me, Nathan Colmer, and I will be happy to answer any questions you have!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | email@example.com