Single Family Home Sales in the Surf City Real Estate Market on Long Beach Island
Sales of single-family homes in 2016 in Surf City showed strong activity. This helps to support the general improvement of the real estate market on Long Beach Island. Overall, there were more homes sold during this time frame in 2016 than the first quarter of 2015. The LBI NJ real estate market on the whole had a good first quarter in spite of poor economic data in January.
Surf City First Quarter Real Estate Sales in 2016
Sales of single-family homes in the Surf City real estate market on Long Beach Island were as follows:
- There were 13 closed transactions during this time frame.
- The average price of a single-family home was $709,992.
- The average price per square foot of a single-family home in Surf City was $469.63.
- On average, homes spent 150 days on the market and sold for 94.56% of their listing price.
The least expensive home to sell was 229 S. 2nd St. which was a small two bedroom, two bathroom ranch on a conforming lot. This home sold for $370,000 after spending 400 days on the market. This represented a sales price of 92.5% of the listing price at a price per square foot of $368.53. It is important to point out that the majority of value in this transaction was in the land and most likely this home will be torn down to make way for new construction. The most expensive home to sell was 27 N. 17th St. which was an impressive five bedroom, three bathroom home with 3,392 sq. feet of living space. This home had many amenities and was designed for a high-end. This home actually sold over full price. It was listed for $1,650,000 and sold for $1,700,000. This represents a sales price to list price ratio of 103.03%. This home traded for $501.18 per square foot.
Single-family home sales in Surf City showed impressive improvement over the same time frame a year ago. In 2015, there were only seven single-family homes sold compared to 13 homes sold in 2016. This represents a significant improvement in the Surf City real estate market. This helps with some of the poor performance we saw in the Loveladies and North Beach real estate markets, and helps to support the fact that individual areas of the LBI real estate market need to be examined before buying or selling. Some markets and some price points will do better or worse depending on the greater economic forces at play, so it is important to make a smart investment at the best time possible. For more information about Surf City first-quarter real estate sales in 2016 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 | email@example.com
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