Ocean Block Single-Family Sales in the LBI Real Estate Market
Ocean Block Single-Family Sales in the LBI Real Estate Market
LBI NJ Real Estate
Second only to oceanfront homes, the ocean block areas of the LBI real estate market tend to be in extremely high demand. The statistics we see show us a wide variety of homes sold from the smaller single families, which may have been purchased to renovate or to tear down, to impressive new construction. Ocean block single-family home sales in the LBI real estate market certainly helped to contribute to the overall improvement we have seen throughout the LBI real estate market.
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Ocean Block Single-Family Sales in the LBI Real Estate Market
Over the past six months sales of single-family homes in the ocean block areas of the LBI real estate market are broken down as follows:
- There were a total of 41 closed transactions.
- The average price of a single-family home was $1,274,512.
- The average price per square foot was $556.20.
- On average homes spent 133 days on the market.
Given the range of styles in the homes that sold, it is important to point out that a general average calculation of ocean block home sales in the LBI real estate market is difficult. For example, a teardown may sell for $700,000 to $1,000,000, while a new construction home in that same location may sell for nearly $2 million. Therefore, a true average is difficult to compute, but what is important to point out is the amount of activity and the positive upward trend we have been witnessing. Overall, 2016 proved to be one of the more active years in the LBI real estate market, and 2017 certainly seems to be shaping up the same way.
For more information about ocean block home sales in the Long Beach Island real estate market, please do not hesitate to contact me.
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
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