Condo Sales on Long Beach Island New Jersey Between January 1st 2014 and April 1st 2014
Condo Sales in the LBI NJ Real Estate MarketThe LBI NJ Real Estate Market
Sales have been increasing in the LBI NJ real estate market on Long Beach Island and as summer 2014 gets closer, activity seems to be staying strong. There are many different property types on Long Beach Island and while single family homes continue to be by far the most active, Condo Sales in the LBI NJ Real Estate Market are active as well! Condos on Long Beach Island come in many different styles and price ranges so they can open up opportunities for buyers that may otherwise not exist in the single family marketplace.
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Condo Sales in the LBI NJ Real Estate Market
The first three months of 2014 have shown some good activity. From January 1st 2014-April 1st 2014, sales were broken down as follows:
- There are currently about 65 condos listed for sale in the real estate market on Long Beach Island
- There are currently about 12 pending sales and 11 condos have sold over the past three months
- The average sales price of a condo is $392,954
- On average, condos spent 123 days on the market and sold for 94.3% of their asking price
There are many types of condos for sale on Long Beach Island ranging in price from about $165,000 to over $1,000,000! There are small, 1 bedroom units available in excellent locations that can offer an affordable getaway and there are large, oceanfront town-homes with all the amenities of a single family home. On average, a condo will sell for about $395/ sq. foot however the size of the unit will play a role in the final sales number. Smaller condos tend to sell at a higher price per square foot whereas larger units can sell for under the average on LBI.
Buying a Condo in the Long Beach Island New Jersey Real Estate Market
When looking to buy a condo on Long Beach Island there are a few things to consider. First and foremost are the monthly maintenance fees. There are many styles of condos for sale on Long Beach Island each with their own standard services provided under their monthly maintenance fee. For example, a side by side condo will have very few shared expenses and it is common for the only common fee is flood insurance and liability insurance. There are also large condo complexes with professional management and resort like amenities (pool, tennis court, boat slips, etc) and these will typically carry a higher monthly fee. It is important to understand what the fee covers and what it does not when looking at condos in the LBI real estate market. Overall, Condo Sales in the LBI NJ Real Estate Market have been improving reflecting the overall improvement of the real estate market on Long Beach Island. If you have any questions about buying a condo in the Long Beach Island New Jersey real estate market, feel free to contact me 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 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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