Single Family Home Sales in the Loveladies Real Estate Market on Long Beach Island
The single family home real estate market in Loveladies showed a significant decrease in activity in 2016 when compared to 2015. This goes against trends we see elsewhere in the LBI real estate market. With a general increase in activity and a higher average and median sales price elsewhere on LBI, it is important to remember that Loveladies is only one section of Long Beach Township. And Long Beach Township is just one section of Long Beach Island and therefore, it is not uncommon to see anomalies take place in such a small market sample. That said, Loveladies first-quarter real estate sales in 2016 are worthy of examination as well as an explanation of what caused such a decrease.
Loveladies First Quarter Real Estate Sales in 2016
Sales of single-family homes in the Loveladies real estate market on Long Beach Island are as follows:
- There were four single-family homes sold in Loveladies.
- The average price was $1,913,750.
- The average price per square foot was $441.63.
- On average, homes spent 344 days on the market and sold for 91.97% of their listing price.
The least expensive home to sell was 254 Pompano Drive which was a five bedroom, four bathroom home. This home has many upgrades, and is located on a lagoon with a newer vinyl bulkhead. This home sold for $910,000 after spending 285 days on the market. The home sold for $379.17 per square foot and traded for 91.46% of the original listing price. The most expensive home to sell was 129 – D Long Beach Blvd. which was an impressive nine bedroom, six bathroom home with 5,825 sq. feet of living space. This home was located on the oceanfront, and even had people! 129-D sold for $3,800,000 after spending 63 days on the market. This sales price reflected 95.12% of the original listing price and the price per square foot was $652.36. This is also the most expensive sale in the Long Beach Island real estate market during the first quarter.
A look back to the Loveladies real estate market in the first quarter of 2015 shows a significant difference from 2016. There were nine closed single-family homes in Loveladies with an average price of $2,415,833 during the first quarter. There were obviously far fewer homes sold in 2016 and at a much lower price. In fairness the first quarter of 2015 showed a very expensive sale at $7,700,000, which greatly skews the average sales price. Part of the poor performance in the Loveladies real estate market can be explained by the dismal performance of the stock market during the same time frame. Home prices in the LBI real estate market, and especially in the higher tier markets like Loveladies and North Beach, are surprisingly sensitive to the financial markets. As the economy starts to improve towards the later part of the first quarter, the expectation for improvement for home prices and activity in the Loveladies real estate market should follow. Overall, the first quarter of home sales in the Long Beach Island real estate market was strong with more activity and a stable average price, but it is important to note trends in individual markets when buying, selling, or investing. For more information about Loveladies first-quarter real estate sales in 2016, contact me 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 | firstname.lastname@example.org
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