LBI Real Estate Single-Family Oceanfront Sales in 2020

LBI Real Estate Single-Family Oceanfront Sales in 2020

Long Beach Island Real Estate Oceanfront Single Family Home Sales in 2020

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

Long Beach Island Real Estate Oceanfront Sales

The oceanfront sales market on Long Beach Island saw some very interesting activity in 2020. In this article, we will be looking at single-family homes on the oceanfront only to see how the most expensive facet of the Long Beach Island real estate market reacted to coronavirus. The short answer is, the oceanfront sales market saw roughly DOUBLE the buyer activity in the second half of 2020 compared to the first half of 2020 with some very high prices being paid for this highly sought-after location.

By : Nathan Colmer | 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

LBI Real Estate Single-Family Oceanfront Sales in 2020

Below is a list of all sold single-family homes on the oceanfront that sold in 2020. Note this is for all home styles and price points so the average price shown can be in need of adjustment for different property types.

MonthSales, Number ofSale Price, Average
Feb-202$2,045,000
Mar-201$1,910,000
Apr-203$1,620,833
May-203$1,459,000
Jun-204$2,180,625
Jul-204$3,386,250
Aug-205$2,965,000
Sep-207$2,493,929
Oct-2013$2,474,000
Nov-2012$3,191,375
Dec-2010$2,775,500
Jan-217$2,776,643

As you can see, the number of homes sold exploded over the summer months. The average price paid also rose dramatically as buyers flocked to the shore areas to escape COVID-19 and live and work at the beach. Since there can be a disparity in price between a new home on the oceanfront, I looked at this data too. New home sales on the oceanfront showed similar activity with the average price hovering around $4,000,000.

Long Beach Island Real Estate Oceanfront Single Family Home Sales in 2020

Buying a home on the oceanfront in the Long Beach Island real estate market requires a careful understanding of this unique location. For example, oceanfront homes fall in a different flood zone which carries a higher annual insurance premium. Additionally, building on the oceanfront requires additional permitting which can greatly restrict what can be built on a site. In addition to these specific nuances, any buyer or seller of an oceanfront home would be wise to understand where the market is trading at this time. If you have any questions 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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