LBI Real Estate Market Sales Between September 2014 and March 2015
Home sales in the LBI real estate market have been improving. Overall, there have been more homes sold in the past several months at a higher average price. Much of the improvement in the LBI real estate market can be attributed to the positive impacts of Hurricane Sandy, which include a massive wave rebuilding any more prepared Long Beach Island for future storms. Long Beach Island real estate market statistics support the overall improvement we see in the localized sections of LBI.
Long Beach Island Real Estate Market Statistics
Between September 2014 and March 2015, the LBI real estate market showed some impressive activity.
- The average price of a single-family home in the LBI real estate market was $1,109,326
- The average price per square foot of a single-family home was over $600
- On average, homes spent 162 days on the market and sold for 93.8% of their listing price.
- Between September 2014 and March 2015, 194 single-family homes sold in the LBI real estate market
This is certainly impressive market activity. The average price over $1.1 million is higher than we have seen in several years. For many, the expectation was that a major disaster such as Hurricane Sandy would have a negative impact on home values in the LBI real estate market. In fact, the opposite is taken place. Overall, there have been substantial improvements made to LBI including a massive wave of building a new homes. These new homes had more value than their predecessors and they are more apt to deal with future storms. This is helped to increase buyer confidence in the LBI real estate market and thus is helped to improve the sale climate.
In the time period between September 2014 March 2015, a grand total of over $215 million worth of homes sold in the LBI real estate market. This is a tremendous amount of activity and helps to show how resilient Long Beach Island. There are excellent opportunities for investment in either new construction or rental properties, both of which have strong upside potential. For more information about the LBI real estate market or Long Beach Island real estate market statistics, contact me and I will respond right away.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | email@example.com