Ship Bottom New Jersey Real Estate Fourth Quarter Sales in 2015

Long Beach Island New Jersey Real Estate

The real estate market in Ship Bottom showed very interesting activity. There were seven single-family homes sold, which represented a healthy mix of end-user move-in ready properties and teardowns intended for new construction. Ship Bottom real estate fourth quarter sales in 2015 reflect the general trends we see elsewhere in the LBI real estate market.

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Ship Bottom Real Estate Fourth Quarter Sales in 2015

Sales of single-family homes in the Ship Bottom real estate market were as follows:

There were seven single-family homes sold.
The average price of a single-family home was $521,751.
The average price per square foot of a single-family home was $416.24.
The average time a home spent on the market was 257 days, and on average homes sold for 94.64% their listing price.

The least expensive home to sell was 230 W. 17th Street. The home sold for $270,400 or 93.2% of its listing price. This was a storm damaged home being sold for land value. But the land value itself was rather limited, as the lot was nonconforming and required variances to build. In general, these kinds of homes will see a much lower than average sales price, as there is significant unknowns that must be confronted. The most expensive home to sell was 316 W. 13th Street, which sold for $745,000 after spending 344 days on the market. This home sold for $306.08 per square foot and was located on a lagoon. The home was damaged in Hurricane Sandy, however all damages were renovated with significant upgrades made to the property.

Ship Bottom and the Long Beach Island Real Estate Market

The Ship Bottom real estate market showed steady activity even though there were three fewer homes sold during this time. When compared to 2014, the average price was approximately the same. Ship Bottom tends to have a lower market value due to the smaller lot sizes and greater number of homes in the area. The average price of a single-family home is considerably lower than we see in the other areas of Long Beach Island, which is a consistent trend quarter after quarter in our analysis. For more information about Ship Bottom New Jersey real estate fourth quarter sales in 2015 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 | ncolmer@vandykgroup.com

www.BuyLBI.com

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