Single Family Oceanfront Home Sales in the LBI Real Estate Market
Oceanfront home sales market on Long Beach Island is an excellent indicator of the overall strength of the LBI real estate market. Of all the different property locations on Long Beach Island, most would agree the oceanfront is the most highly sought after. It is also the most expensive! The average price of a single-family home on the oceanfront is almost always above $1,500,000 with some oceanfront homes trading closer to $10 million. An overview of this oceanfront sales update on Long Beach Island will help to get a historical perspective for the LBI real estate market.
Oceanfront Sales Update on Long Beach Island
Sales of all homes (single family, duplexes, vacant land and condos) on the oceanfront the Long Beach Island were as follows between August 2014 and May 2015:
- August 2014 saw five oceanfront homes sold with an average sales price of $2,856,000.
- September 2014 saw six oceanfront homes sold with an average price of $996,667
- October 2014 saw for oceanfront homes sold with an average sales price of $1,737,500.
- November 2014 saw seven oceanfront homes sold with an average price of $2,250,429.
- December 2014 saw only one home sold for $2,662,500.
- January 2015 saw two homes sold with an average price of $1,384,500.
- February 2015 saw two homes sold with an average price of $5,025,000.
- March 2015 saw four homes sold with an average sales price of $1,712,500.
- April 2015 saw four oceanfront homes sold with an average sales price of $1,393,000
- May 2015 saw seven oceanfront homes sold with an average sales price of $2,111,714
A quick look at the data shows some interesting trends. The most recent month, May 2015, saw one of the highest months of activity with a higher than average sales price. While it did lag behind three of the past months, it was still the fourth highest number we have seen. Overall, 2015 has reported not only more homes sold at a higher average sales price by a significant amount.
Buying an Oceanfront Home in the LBI Real Estate Market
Buying a home in the oceanfront requires a different understanding of the LBI real estate market. There are additional items that must be taken into consideration such as the changes to flood zone. While the oceanfront areas, different building guidelines, and zoning requirements that are greatly different than other areas on LBI. For more information about buying and oceanfront home in the LBI real estate market or this oceanfront sales update on Long Beach Island, 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