Home Sales in the LBI NJ Real Estate Market on Long Beach Island New Jersey in the Third Quarter of 2013
Long Beach Island and the LBI NJ Real Estate Market
The Long Beach Island area has been featured in the news recently as Hurricane Sandy made a direct impact to the barrier island resort at the end of October 2012. There was much speculation as to if Long Beach Island would even be ready for summer 2013 and what impact Hurricane Sandy would have on the LBI NJ real estate market as a whole. The good news is, Summer 2013 proved to be very successful with a mostly “business as usual” feel for the vast majority of LBI. While there were still a great number of homes awaiting repair or replacement, far and away the Long Beach Island towns and residents restored the area to ensure a successful summer season. The LBI NJ real estate market too showed great strength as buyers were very active in Long Beach Island real estate transactions. The fears and negative publicity of impossibly expensive insurance rates were debunked and as time goes on, the LBI real estate market activity increases. This is highly evident in a comparison of Third Quarter Sales in the LBI Real Estate Market 2013 and 2012.
Comparison of Single Family Third Quarter Sales in the LBI Real Estate Market 2013 and 2012
It was noted by both local and national real estate agencies that 2012 showed a monumental strengthening of the national housing market. There were great differences in 2011 and 2012 homes sales with a marked increase in activity and prices. Long Beach Island too was benefiting from the housing market activity and in spite of Hurricane Sandy, the LBI real estate market has maintained its momentum. Third Quarter Sales in the LBI Real Estate Market 2013 and 2012 are broken down as follows:
3rd Quarter Single Family Home Sales in the LBI NJ Real Estate Market 2012
- 90 closed transactions on LBI
- Average listing price of $1,032,979
- Average sales price of $968,907
- Average days on market 150
- % change between listing price and sales price 94.3%
3rd Quarter Single Family Home Sales in the LBI NJ Real Estate Market 2013
- 86 closed transactions
- Average listing price of $1,034,523
- Average sales price of $966,090
- Average days on market 157
- % change between listing price and sales price 93.6%
A side by side comparison of the LBI real estate market in 2012 and 2013 shows almost no change between the two years in spite of Hurricane Sandy. While it is true that 4 fewer homes sold and the average price of a single family home in 2013 was about $2,000 lower, it must also be pointed out that the average sales price of a single family home in 2013 takes into account storm damaged homes. These storm damaged homes are being sold mostly at land value with little to no consideration being given to the physical structure. Therefore, they trade at a lower number than their non-storm damaged counterparts. The 3rd quarter LBI real estate market in 2012 did not have these properties factored into the equation so when one removes the storm damaged homes from the averages, the average sales price of a non-damaged single family home was actually HIGHER in 2013 than in 2012. Overall, it is easy to see that Third Quarter Sales in the LBI Real Estate Market 2013 make a good case for a strengthening market.
Buying and Selling in the Long Beach Island NJ Real Estate Market on LBI
If you are considering buying or selling in the LBI real estate market it is very important to understand the current trends in the real estate market on Long Beach Island. Buying and selling go far beyond simply looking at comparable sales and determining the price from there. It is important to consider both internal and external factors as well as the persisting trends to make sure you sales price is correct! If you would like more information about Third Quarter Sales in the LBI Real Estate Market 2013 please do not hesitate to contact me, Nathan Colmer, and I will be happy to help!
By: Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org