Single Family Home Sales Over $1,000,000 During The First Half of 2016 in the Long Beach Island Real Estate Market
Long Beach Island Real Estate
The Long Beach Island real estate market is generally considered to be a high end real estate market with the average sales price of a single family home around $1,000,000. When assessing the overall standing of the LBI real estate market it is helpful to examine the higher end of the market, specifically LBI real estate sales over $1,000,000. An examination of this market can often reflect the trends that can be used to determine the best values in the Long Beach Island real estate market.
LBI Real Estate Sales Over $1,000,000LBI Real Estate Sales Over $1,000,000
When investigating trends it is best to do a year over year comparison using the same data points. Here we will be looking at single family homes sold in the LBI real estate market over $1,000,000 during the first 6 months of 2015 and 2016.
2015 showed 49 sales with an average price of $1,840,906 and a median price of $1,600,000
2016 showed 45 sales with an average price of $1,606,867 and a median price of $1,302,500
Overall this data is disappointing and is a rarely seen slow down of the LBI real estate market. The first quarter of home sales showed more closed transactions however the average price was lower. It is my opinion that much of this has to do with the poor showing of the financial markets in January. As the overall economy has improved so too have higher end home sales. We have once again begun to see oceanfront homes and high end new construction selling which will help to improve these averages.
Long Beach Island Real Estate Single Family Home Sales
While the higher end of the LBI real estate market slowed somewhat, overall single family home sales grew. It is not uncommon to see individual segments of the LBI real estate market rise and fall but we must keep this data in mind when buying, selling and investing on Long Beach Island. For more information about LBI real estate sales over $1,000,000 please contact 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 | ncolmer@vandykgroup.com
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