The Median Sale Price in the Long Beach Island Real Estate Market
- LBI Real Estate Median Sales Price in 2014
Long Beach Island Real Estate
2014 proved to be one of the best years in the LBI real estate market. Overall, the number of homes sold and the average sales price both increased. One very effective measure of the real estate market is to look at the median sales price. The LBI real estate median sales price in 2014 showed some very interesting data. Before we get to that data, is helpful to understand what the median sales price is and why it is an effective measure of value. The median sales price of a home is essentially the midway point of all units sold over a given time. For example, it 101 homes were sold in a particular time frame the median house price would be in the middle. In other words there were be 50 homes priced above and 50 priced home below the median sale price. Median sales price is an effective tool as it shows the overall health of the real estate market.
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LBI Real Estate Median Sales Price in 2014
Median sales price is broken down as follows:
- The month with the lowest median sales price was December at $531,000
- A month with the highest median sales price was February at $872,500
- The average median sales price for 2014 was approximately $725,000
It is not surprising that the lowest median sales price was in December. December tends to be a slower month in the LBI real estate market has buyers are somewhat distracted with the holiday season. It is equally not surprising the February is a very high number, as it reflects a large number of closed sales that went into pending during January.
Long Beach Island Real Estate Market
The median sales price in 2014 is certainly current encouraging. A higher median sales price is reflective of the overall improvement of the real estate market on Long Beach Island and is in no small part due to the massive improvements made to the area in the wake of Hurricane Sandy. While there is some fluctuation from month-to-month in median sales price, much of this has to do with the seasonal adjustments that we experience on Long Beach Island. It is further interesting to note the January 2015 showed median sales price of $800,000, the highest over the course of the past 12 months with the exception of only February. For more information about the LBI real estate median sales price in 2014 were the LBI real estate market in general, 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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