LBI Real Estate Oceanfront Sales in 2019

LBI Real Estate Oceanfront Sales

Long Beach Island Real Estate Oceanfront Sales Report in 2019

Long Beach Island Real Estate

The Long Beach Island real estate market saw an active 2019 overall. The number of units sold was higher than in 2018, and the average price of a single-family home was slightly higher. While market averages and generalizations are helpful, it can also be beneficial to look at the specific areas that comprise the LBI real estate market. One of the most interesting areas to examine is the oceanfront single-family home market. All things being equal, this is the most expensive segment of the market on Long Beach Island. In 2019 we saw the following:

  • 42 single family oceanfront homes sold in 2019
  • The average price of a single family oceanfront home was $2,645,187
  • It is important to note that this average accounts for both tear down homes and larger (and more expensive) new construction homes

By : Nathan Colmer | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

LBI Real Estate Oceanfront Sales

When looking at the LBI oceanfront sales market it is helpful to look back at past years to see how the market is progressing. Below is a chart that shows all single family home oceanfront sales in the local MLS over the past five years.

Primary YearSales, Number ofSale Price, Average
201527$2,363,194
201641$2,194,174
201765$2,203,299
201854$2,234,102
201942$2,645,187

As you can see from the above, the average price of a single-family home on the oceanfront has increased quite a bit since 2015. The increase in price can be attributed to a few factors. First, building code changes after Hurricane Sandy allows for larger homes to built pretty much everywhere on LBI. These larger homes naturally trade higher than their smaller predecessors. Secondly, new construction has seen a significant increase all over the LBI real estate market. These more modern homes tend to trade higher than older homes with fewer amenities. Lastly, the LBI real estate market has seen a steady period of growth over the past several years. It is noteworthy that the number of homes sold decreased in 2019 as compared to 2018. The lower volume of sales goes against the trend we see in the overall LBI real estate market. I attribute much of this decrease to there simply not being as much inventory on the market.

Oceanfront Single Family Homes in the Long Beach Island Real Estate Market

Oceanfront homes are the most valuable location on Long Beach Island and also one of the most complicated to transact. There are significant differences between your “average” sale and an oceanfront transaction. Most oceanfronts fall into a different flood zone, you have to contend with CAFRA for redevelopment and additions, and each town has unique rules overseeing the development of oceanfront homes. Not fully understanding these nuances or the trends seen in the oceanfront market on Long Beach Island can prove to be a costly mistake. If you have any questions about LBI Real Estate Oceanfront Sales in 2019 or about buyingselling, or investing in the LBI real estate market, please do not hesitate to contact me

By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

www.BuyLBI.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

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