Increase Sales in the Long Beach Island New Jersey Real Estate Market
The LBI NJ Real Estate Market
The LBI NJ real estate market has witnessed a lot of interest over the past few months which has led to an increase in overall activity. With Hurricane Sandy having been over a year and a half ago and many of the questions about flood insurance now answered, investors have been looking to take advantage of the investment potential in the Long Beach Island NJ real estate market. The LBI Real Estate Market Shows Improvement in March 2014 thanks to stable (if not rising prices) and a strong summer rental season.
LBI Real Estate Market Shows Improvement in March 2014
March 2014 saw many homes go “under contract” meaning that a deal was agreed to. This is a good gauge of the overall market strength as it is the most current indicator of interest in homes on LBI.
- March 2014 saw a total of 50 homes go “under contract”
- March 2013 by comparison showed only 38 homes go “under contract”
- More transactions closed in March 2014 (40) as compared to only 21 in March 2013
March 2014 home sales in the LBI real estate market were comprised of single family homes (the most numerous by far), condos, vacant land and duplexes. The least expensive single family home to go under contract was listed for $429,000 and the most expensive single family home was $3,499,000! Clearly there are a wide range of homes for sale on Long Beach Island which allows buyers many options for a summer home or investment. Vacant land, condos and duplexes showed strong activity as well with 7 condos going under contract, 2 parcels of vacant land and 7 multi-family homes (duplexes). Keeping track of pending sales and homes that have gone “under contract” is a great way to gauge market activity. With a total of 12 more homes going under contract in March 2014, signs are strong that the LBI Real Estate Market Shows Improvement in March 2014!
Buying in the Long Beach Island Real Estate Market
Investing in the real estate market on Long Beach Island is a major decision and one that involves a careful understanding of the current market trends. While the real estate market has clearly shown improvement in March 2014, it is important to understand how factors such as flood insurance, mortgage rates and other forces impact the value of homes on Long Beach Island. For more information about the LBI Real Estate Market Showing Improvement in March 2014, feel free to contact me, Nathan Colmer, and I will be happy to answer any questions you have!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org