Single Family Home Sales in the Long Beach Island Real Estate Market
The first quarter of single family home sales in the LBI real estate market in 2016 showed impressive activity. Overall, home sales were strong which reflects the trends we see elsewhere in the national real estate market. The first quarter did get off to a slower start since there was turmoil in the financial markets. However, as the economy improved and the stock market stabilize, home sales in the Long Beach Island real estate market increased at a rapid pace. LBI real estate first quarter sales in 2016 are pointing to a strong year on Long Beach Island.
LBI Real Estate First Quarter Sales in 2016
Sales of single-family homes in the LBI real estate market are broken down as follows:
- There were 85 closed single-family home transactions on Long Beach Island.
- The average price of a single-family home was $916,915.
- On average, homes spent 209 days on the market and sold for 94.6% of their listing price.
- The average price per square foot of a single-family home was $459.21.
As we would expect, the most expensive home to sell was in Loveladies. This home located at 129-D Long Beach Blvd was a nine bedroom, six bathroom oceanfront estate which sold for $3,800,000 after spending only 63 days on the market. The least expensive home to sell was 9206 Long Beach Boulevard. This was a storm damaged home on a small lot. This home sold for $258,500 and was demolished to make way for a new construction. This home sold for $164.54 per square foot, which essentially represents land values in the LBI real estate market.
Long Beach Island Real Estate
Overall, the LBI real estate first quarter sales in 2016 started the year off on a positive note. There is significant activity and steady pricing. As the year progresses, we are seeing continued activity which points to a strong improving Long Beach Island real estate market. When comparing 2015 to 2016, we see two more closed transactions in 2016. However, the average sales price was lower by approximately $100,000. A closer look at the data shows us that there were more teardowns sold in 2016 than 2015. This represents a greater investment in the Long Beach Island real estate market when one considers these homes will be torn down and a large new construction built in its place. The higher average price in 2015 was also slightly skewed by the sale of a large home in Loveladies for $7,700,000. When this sale is removed from the equation, the average price drops to $964,316. This is essentially the same average price we saw in 2016. For more information about the Long Beach Island real estate market and first quarter sales, 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 | email@example.com
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