Harvey Cedars Real Estate Fourth Quarter Sales in 2015

Long Beach Island New Jersey Real Estate

The real estate market in Harvey Cedars on Long Beach Island showed an improvement in the fourth quarter. While the average price of a single-family home was slightly lower, there were substantially more homes sold. During the third quarter of 2015, there were 9 closed single-family transactions as compared to the fourth quarter of 2015. Fourth quarter of 2015 showed a total of 14 closed transactions with several being sold as knockdown homes to make way for new construction. Harvey Cedars real estate fourth quarter sales in 2015 reflect the trends we see elsewhere in the LBI real estate market. This is certainly encouraging for the future of home prices in the area.

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Harvey Cedars Real Estate Fourth Quarter Sales in 2015

Sales of single-family homes in Harvey Cedars on Long Beach Island during the fourth quarter were broken down as follows:

There were 14 single-family homes sold.
The average price was $1,104,411.
The average price per square foot for a single-family home was $503.08.
On average, homes spent 248 days on the market and sold for 92.04% their listing price.

The least expensive home to sell was 26 W. 83rd Street. This was a 3 bedroom, 1 ½ bath home on a large lot. This home was below base flood elevation and sold for $450,000. This property spent 200 days on the market and sold for 90.18% listing price. The most expensive home to sell was 61 Cedars Avenue. This home offered 4 bedrooms, 3 baths, and an outstanding bayfront location with 180 feet on the water. This home sold for $2,100,000 after spending 101 days on the market. This home sold for 91.5% of the listing price which equates to $750 per square foot.

Harvey Cedars and the LBI New Jersey Real Estate Market

Harvey Cedars real estate market showed a trend we see constantly developing in the LBI real estate market. Of the 14 single-family homes sold, at least half were sold as teardowns. These homes were purchased with the intention of demolition and building a new construction in their place. We slowly see this trend elsewhere on Long Beach Island. With roughly half of the inventory being purchased with this intent, it certainly shows this interesting trend developing. Buyers are certainly seeking new homes, and there is a market for the teardowns, which are often purchased as a speculative real estate investment. Overall, the demand for these knockdown properties and subsequent new construction taking place shows the building confidence in the LBI real estate market. For more information about Harvey Cedars real estate fourth quarter sales in 2015 or the Long Beach Island New Jersey real estate market in general, 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 | ncolmer@vandykgroup.com

www.BuyLBI.com

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