Single Family Sales in the LBI Real Estate Market from Mid May through Mid June
The spring real estate market on Long Beach Island is usually very active as buyers look to complete a transaction prior to the start of the summer season. There is usually good inventory on the market which buyers can take advantage of and either use or rent a home for July and August. Therefore, it can be helpful to examine Oceanside single family home sales during these months and gain perspective on the overall strength of the LBI real estate market. This Oceanside single family home sale update in Long Beach Township shows us some interesting trends in the LBI real estate market.
Oceanside Single Family Home Sale Update in Long Beach Township
Sales of single-family homes in the LBI real estate market between May 15, 2015 and June 15, 2015 were as follows:
- 10 single-family homes sold during this time period in Long Beach Township
- The average price of a single-family home $890,090 with a median sales price of $731,750
- On average, homes sold for $442.86 per square foot with a median price per square foot of $426.74
- On average, homes spent 212 days on the market and sold for 93.8% of their listing price
Overall, market activity was strong on Long Beach Island. It is important to point out that several of the homes sold during this time were purchased with the intention of demolition and a rebuild. This makes the overall investment in the area substantially higher as these properties were sold more or less for land value. The least expensive home to sell was 13 E. 18th St. which was a storm damage property and sold for $454,900. This home will be demolished and a new home built in its points. By contrast, the most expensive home to sell was 1111 – A Long Beach Blvd. which was an impressive 5 bedroom 4 ½ bathroom new construction with over 4100 square feet of living space. This property sold for $2,495,000.
Real Estate Trends on Long Beach Island
The fact that there were 10 closed transactions in Long Beach Township in a 30 day period points to strong market activity. It is important to remember that Long Beach Township is but one of six municipalities on the LBI and while it does represent the majority of Long Beach Island, there are other boroughs with sales that are not included in the statistic. Overall, market activity was even higher when looking at the rest of the LBI real estate market. Long Beach Township is a good representative of the LBI real estate market as a whole and signs point to a strong sales season as we enter the summer months. For more information about this Oceanside single-family home sales update in Long Beach Township or the LBI real estate market in general, 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