A Comparison of the Average Days on the Market and the Median Listing Price on Long Beach Island
LBI Real Estate Days on Market & Median Home PriceLong Beach Island Home Sales
The Long Beach Island real estate market has seen some significant improvement. Over the past five years, there has been a notable increase in both the number of homes sold in the average price. While 2013 did witnessed a variation of this trend, this has to do with the impact of Hurricane Sandy. A look at the LBI real estate days on market and median home price demonstrates how much the market has improved.
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LBI Real Estate Days on Market & Median Home Price
Below is a breakdown of the average days on market, the median listing price of a home, and the year this data is sourced from:
- 2010:133 days on the market with a median list price of $739,900
- 2011:139 days on the market with a median list price of $726,250
- 2012:119 days on the market with a median list price of $779,900
- 2013:114 days on the market with a median list price of $739,000
- 2014:106 days on the market with a median list price of $779,000
This data points to some interesting trends. Between 2010 in 2014, the median listing price of a home increased by approximately $40,000 and the average time a homes spent on the market decreased by 27 days. The fact that a rise in prices did not slow, but in fact sped up the rate at which homes sold, points to an increase in market values on Long Beach Island. While 2013 date see a lower median sales price, this had more to do with the impact of Hurricane Sandy than any market parameter. In fact, the amount of money invested in the LBI real estate market was greater in the numbers show as the median listing price of a home does not take into account the additional investment required to be a renovated or build a new home in place of the older, storm damaged dwellings.
Long Beach Island Real Estate
All markets follow trends, and right now the LBI real estate market seems to be improving. 2014 was a very encouraging year, and 2015 has seen no shortage of interest. The number of pending sales has been on the rise, which should translate into a strong winter sales season on Long Beach Island. For more information about the LBI real estate market or LBI Real Estate Days on Market & Median Home Price, 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
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