Single Family Home Sales in the Long Beach Island Real Estate Market Over $1,000,000
The LBI real estate market has had a very strong past few years! Overall home sales have been increasing and the average and median sales price of a single family home has been on the rise. With the average and median price of a single family home on LBI hovering around $1,000,000, it is helpful to see how the higher end of the market is trading. A quick look at LBI Real Estate Home Sales Over $1,000,000 can revel some interesting trends and shed some light on where the market is potentially heading. In short, prices on the higher end of the Long Beach Island real estate market has been steadily increasing as there is more and more new home construction coming on the market.
LBI Real Estate Home Sales Over $1,000,000
The chart below shows single family home sales over the past 5 years broken into the primary year of the sale and the median price of a home for that year:
|Primary Year||Number of Sales||Median Sale Price|
As you can see, the number of home sales over $1,000,000 has increased significantly over the last few years. The price was no exception with an interesting peak in 2015. After that the median price of a single family home was lower, but still increasing at a slower pace. I believe much of this is tied to Hurricane Sandy, which increased and then reduced the number of available building sites on Long Beach Island. 2015 was a bit of a high point for the market in terms of the overall number of new construction (both end users and spec builds) as homeowners and investors a like were working hard to finish their homes in the wake of Sandy. Now, the LBI market has a strong supply of new home builds for sale but some of them are in rather poor locations, of a rather poor quality or of a rather poor design. In a competitive market these homes will have to reduce their price in order to sell, something that could rive down the average and median sale price of a home. Overall this specific facet of the market mirrors what we have seen elsewhere in the LBI real estate market. A slightly higher price but a little lower liquidity.
Regardless of your intended use, buying a home in the LBI real estate market is an investment to some degree. Therefore understating how the market is responding to current trends is essential to both buyer and sellers on Long Beach Island. I am happy to explain in greater detail LBI Real Estate Home Sales Over $1,000,000 and the overall Long Beach island real estate market. Feel free to contact me anytime with any questions!
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org
You May Also Like:
- How Mortgage Rates Are Determined on Long Beach Island
- Second Home Loans in the LBI Real Estate Market
- Alternative Financing Strategies on Long Beach Island