What’s Selling in the LBI Real Estate Market
What’s Selling in the LBI Real Estate Market?
As the market changes, so too changes the style and price range of homes selling in the LBI real estate market. If you are thinking about buying a home on LBI, it is crucial to understand what’s selling in the LBI real estate market! Let’s start with some basic statistics since January 1st, 2012. On LBI, there are:
- 502 Active Single-Family Homes for sale on Long Beach Island
- 37 Single Family Homes Under Contract
- 32 Sold Single Family Homes
- Average Sales Price: $855,778
On the surface, the average sales price of $855,778 seems low for LBI, especially when the average sales price has been around $1,000,000 almost every month. In fact, the lower average sales price has to do with WHAT is selling on LBI! Of the 32 sold single-family homes since January 1st, 2012, 24 of the properties were under $1,000,000 and 22 were under $750,000! When this is compared to a year ago, the data looks very different! For the same time period (January-February 15th 2011) there were:
- 26 Sold Single Family Homes
- Average Sales Price: $900,387
- 9 out of 26 Sold Listings Closed OVER $1,000,000
- 14 our of 26 Sold UNDER $750,000
What’s Selling in the LBI Real Estate Market? – Breakdown
In 2011, during the January- February 15th time period, roughly 35% of the homes sold traded over $1,000,000, whereas only 25% traded over $1,000,000 in 2012. There is an even greater difference for homes selling in the LBI real estate market under $750,000. In 2011, 54% of the single-family homes sold on LBI traded under $750,000, whereas in 2012, almost 70% sold under $750,000 during the same time period.
It is also interesting to note that 6 more homes sold in 2012 compared to 2011 and that while the average price is lower, it has more to do with they kind of home that is seller rather than an actual decrease in home values. If anything, the increase in activity would indicate that market activity, and the LBI real estate market, in general, is improving. Typically, economists will agree that recovery in housing markets must begin with the lower-priced inventory so that the owners of those properties can move into larger, more expensive homes. A look at the data would agree with this as, generally speaking, the lower-priced inventory and the higher priced inventory seem to be what is selling. The “middle range” of the LBI real estate market, between $800,000-$1,000,000, is the slow facet of the market right now. My personal experience echos these statistics as I currently have four deals: 2 under $700,000 and 2 over $1,000,000!
The LBI Real Estate Market
The LBI real estate market is constantly changing, and these changes have a tangible impact on you if you are considering a real transaction soon. I continuously am running statistical data on the LBI real estate market so I have also enclosed a few helpful links to my website, buylbi.com on the current LBI real estate market:
- LBI Monthly Sales
- Monthly Property Sales on LBI
- Short Sales & Foreclosures on LBI
It is essential to understand that this information is current as I am writing this article (February 15th 2012) but the market is constantly changing and so will change the nature of what is selling on LBI. If you would like specific information on the current LBI real estate sales market, please contact me and I will be happy to discuss the current market with you!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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