Spray Beach Real Estate Transactions in the First Quarter of 2015

Long Beach Island Real Estate Trends and Spray Beach Real Estate Updates

Spray Beach Real Estate Transactions in the First Quarter of 2015
Spray Beach Real Estate Transactions in the First Quarter of 2015

Long Beach Island Real Estate

The real estate market on Long Beach Island has been witnessing a period of improved activity and higher prices. Much of this has to do with the opportunities created by Hurricane Sandy which has enabled buyers and current residents the chance to renovate or build new on Long Beach Island. This coupled with the upgrades made to the infrastructure of LBI and the planned beach replenishment project have helped to increase buyer activity and buyer confidence. This is highly evident in the Spray Beach real estate market as Spray Beach Real Estate Transactions in the First Quarter of 2015 were substantially higher than 2014.

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Spray Beach Real Estate Transactions in the First Quarter of 2015

Sales of single-family homes in the Spray Beach real estate market were as follows:

  • There were three close single-family transactions during the first quarter in Spray Beach
  • The average sales price of a single-family home was $752,500 with the median sales price being $842,500
  • On average, homes sold for $416.05 per square foot
  • On average, properties sold for 95.5% of their listing price after spending 123 days on the market

The least expensive home to sell was 2400 Beach Ave. which was a two bedroom one bath property selling for $480,000. While this property was marketed as a single-family home, it was in actuality a freestanding condominium. The most expensive home to sell was 15 E. 21st St. which was a for bedroom 3 1/2 bath new construction selling for $935,000. This property sold for $392.86 which is quite low for a new construction price per square foot on Long Beach Island.

Long Beach Island Real Estate and Spray Beach Real Estate Market Trends

Looking back to 2014, there were no closed transactions in the Spray Beach real estate market. While Spray Beach is a small section of Long Beach Township, and it is common to see small sections with no close the transaction in a given quarter, for there to be such an increase from one year to the next is certainly a positive sign. Overall the LBI real estate market has been improving and Spray Beach Real Estate Transactions in the First Quarter of 2015 seem to reflect this trend. For more information about the Long Beach Island real estate market feel free to contact me 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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