The Dunes Real Estate Third Quarter Sales in 2015

Long Beach Island New Jersey Real Estate

The real estate market in The Dunes showed a substantial improvement over the third quarter of 2014. In fact, there were no closed transactions during the third quarter of 2014. In 2015, there were four single-family homes sold. Such an improvement can be partially linked to the fact that The Dunes represents a very small segment of the Long Beach Island real estate market. However, for such an improvement to take place supports the trends we see of increasing prices and increasing activity.

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The Dunes Real Estate Third Quarter Sales in 2015

Single-family homes sold in The Dunes on Long Beach Island were as follows:

There were four single-family homes sold
The average sales price of a single-family home was $796,500
The average price per square foot was $308.70
On average, homes spent 207 days on the market
The homes sold for 91.88% of their listing price

The least expensive home to sell was 24 W. Old Whaling Lane. This was a two-story lagoon front home in need of significant work. This property sold for $693,500 after spending 189 days on the market. By contrast, the most expensive home to sell was 107 E. Ramapo Lane. This was a four bedroom two bath expanded and renovated property, selling for $997,500. This property spent only 55 days on the market, which is far less than the average we see elsewhere on Long Beach Island.

The Dunes Real Estate and the Long Beach Island New Jersey Real Estate Market

It is interesting to point out that of the four homes sold during this time, two were located on the oceanside and two were located on the bayside. Of the four homes sold, two were in need of a substantial renovation, yet managed to trade around $700,000 each. This shows the overall value of land in the LBI real estate market when buyers are willing to pay such a high price and take on a large renovation project. It also shows the potential feedback for such investments, as one of the homes to sell, 12301 Beach Avenue, was in need of significant work that was very similar to 107 E. Ramapo Lane, which sold for a much higher price. The property located at 12301 Beach Avenue sold for $745,000, and while this home requires work, once it is finished, it should cost less than its current market value. Overall, real estate sales in The Dunes and on Long Beach Island in general were strong during the third quarter, and signs point to continued strengthening in the LBI real estate market. For more information about The Dunes real estate third quarter sales in 2015 or the Long Beach Island New Jersey 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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