Long Beach Island New Jersey Real Estate and the Ship Bottom Real Estate Market in the First Quarter of 2014
Ship Bottom Real Estate in the First Quarter of 2014Ship Bottom Real Estate Market
Ship Bottom Real Estate in the First Quarter of 2014 saw a much lower average sales price than past quarters. While activity was about normal, most of the homes sold were storm damaged homes which drove the average price much lower. Also hurting the situation was the absence of any high end sales. The lower average sales price may seem worrisome, however there is a positive side to the story. These homes were sold as tear downs to mostly cash buyers. They will be torn down and new homes built in their place. This extensive reinvestment in the Ship Bottom real estate market will help home prices rise in the long term.
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Ship Bottom Real Estate in the First Quarter of 2014
Sales of single family homes in Ship Bottom are as follows:
- Seven homes sold
- The average sales price was $370,143-Very low for Long Beach Island
- On averages, homes spent a total of 163 days on the market
Just under $2,600,000 worth of homes sold in Ship Bottom during the first quarter. The least expensive home to sell was 211 W 15th Street which was a storm damaged bayside home on a 40×100 lot. This home sold for $$287,500. The most expensive home to sell was 112 E Ship Bottom Ave, an oceanside home with three bedrooms and three bathrooms. This home sustained damage from Hurricane Sandy, but the damage was repaired. This home sold for only $450,000. This is a very low number for a single family home on Long Beach Island! Five of the seven transactions were all cash deals and most homes sold between 8% and 10% of their listing price.
Ship Bottom and the LBI Real Estate Market
While Ship Bottom Real Estate in the First Quarter of 2014 were much lower, the LBI real estate market as a whole performed very well. Sales were substantially higher than in the first quarter of 2013 and the average sales price was much higher. Home prices in Ship Bottom have always tended to be a little lower than elsewhere on LBI, but with the redevelopment taking place, the average price will surly rise. For more information about Ship Bottom Real Estate in the First Quarter of 2014 or the LBI real estate market, send me a message with your questions and I will respond right away!
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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More About The LBI Real Estate Market:
- SHIP BOTTOM REAL ESTATE SALES UPDATE IN THE FOURTH QUARTER OF 2013
- SHIP BOTTOM REAL ESTATE MARKET IN THE THIRD QUARTER OF 2013
- SHIP BOTTOM REAL ESTATE TRANSACTIONS IN THE SECOND QUARTER OF 2013