A Five Year Look At LBI Real Estate Market Sales

LBI Real Estate Sales Volume From 2010 to 2014

A Five Year Look At LBI Real Estate Market Sales
A Five Year Look At LBI Real Estate Market Sales

Long Beach Island Real Estate

The LBI real estate market has seen a tremendous improvement in both numbers of homes sold in the average sales price. One of the best ways to determine this is to take  A Five Year Look At LBI Real Estate Market Sales. This will tell us not only how much homebuyers are willing to pay for a home in the Long Beach Island real estate market, but also the amount of time it takes to sell a house. Both are important, as buyer confidence is often determined by the speed with which they are willing to make a purchase in conjunction with the price they’re willing to pay.

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A Five Year Look At LBI Real Estate Market Sales

LBI real estate sales volume over the past five years is as follows:

  • 2010 $367,371,891  with an average time on the market 186 days
  • 2011 $345,295,264  with an average time on the market 197 days
  • 2012 $407,701,464 with an average time on the market 179 days
  • 2013 $332,967,074 with an average time on the market 155 days
  • 2014 $451,459,914  with an average time on the market 161 days

The above data points out some very interesting trends. We have seen a steady increase in the data with the exception of 2013. A drop in the overall sales volume was certainly to be expected as Long Beach Island was dealing with the aftermath of Hurricane Sandy. A great number of homes sold during this period were storm damaged properties which sold for land value, much lower than they would have sold had they had a usable dwelling on the property. It is interesting to note that buyers were purchasing at a much faster pace in 2013 as it had the lowest time on the market. This shows how buyers were confident in the recovery Long Beach Island and willing to make an investment. That investment reflects in the overall sales volume in 2014 which reported the highest sales volume and over $450 million. Homes also sold much faster than any other year, with the exception of 2013.

A Five Year Look At LBI Real Estate Market Salesand the Long Beach Island Real Estate Market

The sales data shows very positive signs for the future the Long Beach Island real estate market. While Hurricane Sandy was a major disaster, it was also an opportunity. Long Beach Island has undergone a major improvement with new homes being built on almost every street, infrastructure upgrades, and is protected by a beach replenishment project. These factors combined helped to increase the future value of home sales in the Long Beach Island real estate market. For more information about the LBI real estate market or A Five Year Look At LBI Real Estate Market Sales, contact me and I will respond right away.

By : 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