Oceanblock Home Sales in the LBI Real Estate Market

Oceanblock Home Sales on Long Beach Island New Jersey

Oceanblock Home Sales in the LBI Real Estate Market
Oceanblock Home Sales in the LBI Real Estate Market

LBI Real Estate

Sales of single-family homes in the ocean block areas of Long Beach Island have been witnessing a period of high demand. Many would argue the ocean block offers one of the best locations on LBI , as nearly every home will provide a splendid view of the ocean, and close proximity to the beach, makes travel to and from the ocean simple. Recently, we have been witnessing a demand for new construction homes on the ocean block which has helped to translate to a high demand for teardown’s, as builders will fight to purchase these homes and build a speculative construction to be re-sold on the open market. A quick look at ocean block home sales in the LBI real estate market shows some interesting trends.

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Oceanblock Home Sales in the LBI Real Estate Market

Oceanblock Home Sales in the LBI Real Estate Market between August 2014 and May 2015 were as follows:

  • August 2014: four homes sold with a median sales price of $942,500
  • September 2014: seven homes sold with a median sales price of $700,000
  • October 2014: nine, homes sold with a median sales price of $800,000
  • November 2014: five homes sold with the median sales price of $665,000
  • December 2014: six homes sold with a median sales price of $756,250
  • January 2015: eight homes sold with a median sales price of $752,500
  • February 2015: three homes sold with a median sales price of $707,500
  • March 2015: seven homes sold with a median sales price of $845,000
  • April 2015: nine homes sold with the median sales price of $940,000
  • May 2015: five homes sold with the median sales price of $815,000.

A look at the recent sales statistics points to some interesting trends. Overall, the number of homes sold in 2015 proven to be very stable with strong sales activity and a slightly higher median sales price. This is reflective of the trends were seen elsewhere in the LBI real estate market as both activity and the average sales price of a single family home increases. It is important to remember that some of the ocean block homes, we have seen sold are intended to be demolished and a new home built in their place. This greatly increases the overall investment of a home on the ocean block, and in turn increases the overall value of that specific segment of the LBI real estate market.

Buying a Home on the Ocean Block on Long Beach Island

Investment in the ocean block areas. On Long Beach Island can prove to be very wise. There is a finite number of ocean block areas to be developed and as many of the older Cape Cod style homes and duplexes are torn down, the value of the remaining homes most certainly increases. We have seen strong competition for these ocean block homes, both new and old, as location offers many advantages to others in the LBI real estate market. For more information about ocean block home sales in the LBI real estate market, 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 | ncolmer@vandykgroup.com

www.BuyLBI.com

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