Surf City Real Estate Sales Update
Overall, the Long Beach Island real estate market had a strong fourth-quarter with a slightly higher sales price and stable market activity. Sales in the Surf City real estate market were no exception, and helped to contribute to the overall strength seen in the real estate market on Long Beach Island. Surf City real estate 2016 fourth-quarter sales showed a healthy mix of price points and housing options.
Surf City Real Estate 2016 Fourth-Quarter Sales
Sales of single-family homes in the Surf City real estate market are broken down as follows:
- There were 12 closed transactions in the fourth quarter.
- The average price of a single-family home was $667,292.
- On average, homes sold for $440.21.
- The average time a home spent on the market was 245 days.
- The average percent of the list price a home sold for was 93.83%.
The least expensive home to sell was 213 N. 3rd St. which was an older four bedroom two bathroom home that needed updates. This home sold for $425,000 after spending 380 days on the market. The most expensive home to sell was 1013 N. Ocean Ave. which is a renovated oceanfront selling for $1,550,000 after spending 404 days on the market. This represents a price per square foot for $793.24.
Overall, sales in the LBI real estate market were strong, and the trends indicate an appreciation of home prices and activity throughout 2017. Compared to the overall average, Surf City’s price point was lower, and the time a home spent on the market was longer. However, it is important to remember Surf City has a very wide bayside area compared to its narrow oceanside area. In general, bayside homes trade for less than their oceanside counterparts. This can disproportionately skew the average price. But taken as a whole, Surf City real estate 2016 fourth-quarter sales were strong as were sales throughout the entire LBI real estate market. If you have any questions on fourth quarter real estate sales in Surf Cit or would like more information on LBI real estate in general, please do not hesitate to contact me.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org
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