LBI Real Estate in Summer 2012
How is the LBI Real Estate Market Doing?
You can’t pick up a publication featuring a real estate article that doesn’t indicate improvements in the sales market. It is amazing how many people think homes and prices on LBI were not affected by the downturn; they most certainly were. The good news is, like many other areas in the country, things are improving. We typically compare the sales of single-family non-waterfront homes from Brant Beach to Holgate because it is the bulk of our market. In 2011 from January 1st—July 31st, 68 of these properties sold for an average price of $774,486. During the same time period this year, the same category of sold properties numbered 115. An increase of 58% in the number of homes that sold. The average price was only down slightly to $733,337. A closer look at the specifics just indicates that more homes in the lower range sold, not that prices necessarily fell.
Selling Your Property in The LBI Real Estate Market in Summer 2012
With the sales market improving and more homes selling, can we ask a higher price for our home? We can always reduce it and we need to build in
negotiating room, correct?” These are fair questions and without really studying the market, one may think the answers may be “Sure, why not?” But, that would be a mistake. Of the 115 single-family home sales referenced above, 58 properties sold while listed at their original asking price. They were on the market for an average of 84 days and sold for 94.5 % of the list price which was $742,123. The remaining 57 properties went through at least one price reduction before they sold. This group of homes sold for 85%of their original asking price and 93% of the adjusted sale price which averaged $718,077, about 3% less than the first group. The more telling statistic is the latter group was on the market for an average of 272 days! The lesson: Price it right from the start and you’ll sell for a higher price in less time. Call me for a detailed analysis of the RIGHT price for your LBI home in today’s market.
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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