September to March Duplex and Multi-Family Home Sales Update in the Long Beach Island Real Estate Market
The Real Estate Market on Long Beach Island
The LBI real estate market has shown a significant increase in activity over the past several months. While single family homes continue to be the most active part of the real estate market on Long Beach Island, duplexes and other multi-family homes play a major role in the local market. Understanding this Duplex Sales Update in the LBI NJ Real Estate Market can give you some insight into current state of the LBI economy!
Duplex Sales Update in the LBI NJ Real Estate Market
Since there are only about 3-4 closed duplex transactions each month in the LBI real estate market, it is helpful to compare several months together. Below I have enclosed the sales statistics for September through March. From September 2013-March 2014 duplex sales in the LBI real estate market were as follows:
- 21 duplexes sold on Long Beach Island
- The average price of a duplex on LBI was $588,114
- On average homes sold for 95.6% of their asking price and spent 126 days on the market
By comparison, duplex sales were slower in the prior year. From September 2012-March 2013 duplex sales on Long Beach Island were as follows:
- 17 duplexes sold on LBI
- The average price of a duplex was $598,650
- On average, duplexes sold for 93.5% of their asking price and spent 228 days on the market
Looking at this Duplex Sales Update in the LBI NJ Real Estate Market shows some very interesting trends. There were substantially more sales in 2013/2014 than 2012/2013 and homes sold much quicker! The average price was slightly lower, however homes sold for more of their listing price. The least expensive duplex sold for $313,000 and was damaged by Hurricane Sandy (meaning it was sold for land value) and the most expensive duplex traded over $2,000,000 and was in fact two duplexes on the oceanfront sold as one property.
Buying a Duplex in the Long Beach Island New Jersey Real Estate Market
Overall, the market for duplexes on Long Beach Island has shown improvement. With far more homes selling (and selling for a higher percentage of their asking price) it is encouraging news for the LBI real estate market as a whole. When buying a duplex, there are some differences that a buyer must be aware of. For example, typically a duplex will require a higher minimum down payment (at least 25%) and will carry a slightly higher interest rate since banks consider them to be investment properties. Duplexes can make for an excellent investment with strong rental potential or can allow for side by side townhomes to be built. For more information about this Duplex Sales Update in the LBI NJ Real Estate Market feel free 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 | firstname.lastname@example.org
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