Beach Haven NJ Real Estate in 2013

The Beach Haven New Jersey Real Estate Market in 2013

Beach Haven NJ Real Estate in 2013
Beach Haven NJ Real Estate in 2013

 

Nathan Colmer | The Van Dyk Group

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

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

Beach Haven and the LBI NJ Real Estate Market

2013 was a challenging year for the entire Long Beach Island real estate market thanks to the devastating impact of Hurricane Sandy and the changes to the National Flood Insurance Program. Hurricane Sandy caused massive amount of damage to the entire LBI area and Beach Haven was no exception. There were many storm damaged homes in the town of Beach Haven and many homeowners had to decide if they wanted to sell or rebuild. Almost completely unrelated  to Hurricane Sandy, yet just as significant, were the changes to the National Flood Insurance Program (which were actually approved in September 2012 a full month before Hurricane Sandy made landfall). These changes forced many to understand a new set of rules that could potentially impact the value of their property in the LBI real estate market. Luckily, Beach Haven NJ Real Estate in 2013 remained strong, as it did elsewhere on Long Beach Island, and home sales were strong. You can click here to search all homes for sale in the town of Beach Haven on Long Beach Island.

Single Family Homes and Beach Haven NJ Real Estate in 2013

While the Beach Haven NJ real estate market is comprised of many different parts including single family homes, condos, duplexes and commercial properties, we will be looking only at single family homes today as this is the best indicator of value in the  LBI real estate market. Single family homes in the Beach Haven real estate were were broken down as follows:

  • There were 29 single family homes sold in the Beach Haven real estate market
  • The average sales price was $802,244
  • On average, homes spent 167 days on the market and sold for 93.5% of their asking price in the Beach Haven NJ real estate market

Of the 29 single family homes that sold in 2013, only 8 were sold as storm damaged homes which makes up just of 25% of all homes sold in Beach Haven. The average sales price of a home is of course influenced by these storm damaged homes which tends to skew the actual value of a home in the Beach Haven market as theses storm damaged homes were sold for land value with little to no consideration to the physical structure (in fact, most consider the storm damaged home to lower the property value as it is an additional cost to remove the building).  When these storm damaged homes are taken out of the equation, the average price of a single family home in Beach Haven jumps to around $975,000 which is more in line with the entire Long Beach Island real estate market.

Buying and Selling in the Beach Haven NJ Real Estate Market

There are currently about 50 single family homes for sale in the Beach Haven real estate market with prices ranging from $299,999 up to almost $6,000,000! There are virtually no storm damaged homes left for sale in Beach Haven as most owners have already decided to either rebuild or have sold their homes over the past year. It is a testament to the area that after such a major storm, such a small number of homes were actually sold due to storm damage which has helped to encourage not only a speedy recovery of the area, but also investment in the Beach Haven real estate market. For more information about Beach Haven NJ Real Estate in 2013 please do not hesitate to contact me with any questions!

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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