Single Family Home Sales in the Harvey Cedars Real Estate Market on Long Beach Island New Jersey
The real estate market in Harvey Cedars showed stable activity when compared to market activity one year ago. Overall, the real estate market on Long Beach Island has shown improvement and Harvey Cedars was no exception. There were the same number of homes sold with approximately the same average sales price. This helps to support the trends we see elsewhere in the LBI real estate market. Harvey Cedars first-quarter real estate sales in 2016 point to an upward trend on Long Beach Island.
Harvey Cedars First Quarter Real Estate Sales in 2016
Sales of single-family homes in the Harvey Cedars real estate market on Long Beach Island were as follows:
- There were five single-family homes sold during this time period.
- The average price of a single-family home was $1,173,275.
- The average price per square foot was $568.52.
- On average, homes spent 310 days on the market and sold for 93.93% of their listing price.
The least expensive home to sell was 5607 Holly Ave. which was essentially a land sale. While there was a small structure on the property, the real value was in the 50 x 110 foot lot with easy bay access. This home sold for $540,000 after spending 133 days on the market. This represented sales price of 96.43% of the original list price. It is important to remember that with this sale a new home will be built, which increases the total investment made in the property and helps to increase the value of the LBI real estate market. The most expensive home to sell was 11 E. Passaic Avenue which was an oceanfront home with 120 feet on the water. Technically, this is a duplex. However, it was listed as a single-family home. Again we see the majority of value resting in the land and most likely this will be torn down to make way for an impressive new construction, and should be valued at over $3 million. This home sold for $1,650,000, which represented 97.35% of the listing price. This home spent 241 days on the market.
Home sales in the Harvey Cedars real estate market showed two interesting trends we see elsewhere on Long Beach Island. First, activity was steady, and while the average price was slightly lower than a year ago, this can be attributed mainly to the intended use of properties sold. With recent homes being sold as teardowns, the overall investment in the area is higher. This should translate into a stronger real estate market. Secondly, it is interesting to note that the least expensive and most expensive sale in Harvey Cedars will most likely be torn down for new construction. This investment is very common throughout the LBI real estate market and can be an excellent use of one’s funds. Building a new home in the LBI real estate market has tremendous upside value, and can be one of the best investments made in the area. For more information about Harvey Cedars and Long Beach Island real estate market, contact me and I will be happy to answer any questions you have.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org
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