Condominium Sales in the Long Beach Island New Jersey Real Estate Market
Condo Sales in the LBI Real Estate MarketLong Beach Island Real Estate
The LBI real estate market is comprised of several different property types. While the most active portion of the LBI real estate market month after month is single-family home sales, condominiums usually represent a significant part of the Long Beach Island real estate market. Therefore, it is helpful to track condo sales in the LBI real estate market when examining the overall market conditions on Long Beach Island.
Condo Sales in the LBI Real Estate Market
Over the past six months, condo sales in the LBI real estate market are broken down as follows:
- There were 30 closed transactions over the past six months
- The average price of a condo on Long Beach Island was $449,837
- The average price per square foot of a condo was $413.29
- The average time on market for a condo was 139 days
The least expensive condo to sell over the last six months was 401 Broadway which was a small efficiency unit with great views of Barnegat Light. This condo sold for $173,000. The most expensive condo to sell was 103 E. 29th St. which sold for $775,000. While technically called a condo, this is a large side-by-side townhome with four bedrooms and a large open floor plan with ample living space.
Buying a Condo in the Long Beach Island New Jersey Real Estate Market
Condominiums are a common form of ownership in the Long Beach Island real estate market and like any transaction they do have their pros and cons. While condominiums do you offer an affordable option, and depending on the association, can offer maintenance free living at the beach, they can have a lower resell value and may be problematic if the association is not well run. It is of the utmost importance to thoroughly investigate any condo association before investing in a condo on Long Beach Island. For more information about condo sales in the LBI real estate market, 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
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