Single Family Home Sale Transaction in the LBI Real Estate Market
The real estate market in Ship Bottom on Long Beach Island showed steady activity when compared to the first quarter of 2015. Overall, there were three fewer transactions in 2016, however, the average sales price was higher. This supports the trends we see elsewhere in the Long Beach Island real estate market of the general maintaining or strengthening of the market dynamics. Ship Bottom first-quarter real estate sales in 2016 point to some interesting data for single family home sales.
Ship Bottom First Quarter Real Estate Sales in 2016
Single-family home sales in Ship Bottom during the first quarter were broken down as follows:
- There were 11 sold single-family homes during this time frame.
- The average price of a single-family home was $689,818.
- The average price per square foot was $382.42.
- On average, homes spent 129 days on the market and sold for 95.44% of their listing price.
The least expensive home to sell was 265 W. 17th St. which sold for $310,000 after spending 55 days on the market. This home sold in a relatively quick time frame and traded for 95.39% of the listing price. It is important to point out that this home was in need of major repair, and this sale represented essentially its land value. A new home will most likely be built on this location, adding to the overall investment and value the Long Beach Island real estate market. By contrast, the most expensive home to sell was 334 W. 15th St. which was a five bedroom, 4 1/2 bathroom home with numerous amenities and a prime location. This home sold over list price with a value representing 102.16% of the initial testing. The 334 W. 16th St. home was listed for $1,275,000, and traded at $1,302,500. This home spent only 35 days on the market and was sold for $345.77 per square foot.
The trends we see in Ship Bottom reflect those we see elsewhere in the LBI real estate market. Older homes, and especially those in need of major repair, are being sold for land value with the intent to build impressive new constructions. This has a very positive impact on the overall valuation of the Long Beach Island real estate market, as these newer homes have higher rate values than the pre-existing smaller homes. Unfortunately, the loss of all the original homes on Long Beach Island does take with it some of the charm that makes LBI such a special place. However, new construction does offer modern amenities and larger gathering spaces. While some still prefer smaller homes, the trends definitely lend themselves towards the newer homes as we can see in the aggressive sales price of 334 W. 16th St. in Ship Bottom. For more information about Ship Bottom first-quarter real estate sales in 2016 or the Long Beach Island 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 | email@example.com
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