Less Price Reductions in the LBI Real Estate Market Mean a Stronger Market on Long Beach Island
Price Reductions in the LBI NJ Real Estate MarketNathan 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
The Long Beach Island New Jersey Real Estate Market
As 2013 came to an end, the LBI real estate market showed a major increase in both activity and home pricing. The impact of Hurricane Sandy has passed and as we see in other areas impacted by major storms, the local real estate market has improved. Buyers have been very active in buying homes and this is evident in the fact that there have been far less Price Reductions in the LBI NJ Real Estate Market in 2013 than in the past few years.
Price Reductions in the LBI NJ Real Estate Market
A strong indicator of the overall real estate market health is to look at the number of price reductions that have taken place. The less reductions there are, the more stable a market will be. Below are the number of price reductions over the past few years:
- 2011 Price Reductions: 960
- 2012 Price Reductions: 828
- 2013 Price Reductions: 709
It is easy to see from the numbers above that the LBI real estate market has seen far fewer price reductions. There were even more price reductions in 2008 and 2009 as that was the low point of the LBI market and now, as the national real estate market and the national economy have improved, the LBI NJ real estate market is keeping pace and showing its strength. With over 250 less price reductions in 2013 than 2011, it is a clear indication that the market has improved. It is important to remember that pricing is, above all else, the most significant part of selling a home on Long Beach Island. A house that is overpriced will sit on the market and will experience several price reductions before selling. Pricing a home to sell will result in a higher sales price and a fair deal for both the buyer and the seller.
Buying in the Long Beach Island Real Estate Market
Timing is everything when investing in any market. While there is no way to say what the future will hold for the LBI real estate market, we have been seeing strong data to suggest that the real estate market on Long Beach Island is getting stronger and prices are going up. Seeing strong data like fewer Price Reductions in the LBI NJ Real Estate Market supports this conclusion. Month after month we have seen the average price of a single family home getting higher so if you have been thinking about investing in the Long Beach Island real estate market, this may be the time!
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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