The Single Family Home Market in the LBI NJ Real Estate Market on Long Beach Island New Jersey
Will Single Family Homes Sales on Long Beach Island Continue to Increase?The Long Beach Island New Jersey Real Estate Market
The LBI real estate market has shown amazing fortitude since Hurricane Sandy made landfall in October 2012. While it goes without saying that Hurricane Sandy crated many new challenges for the entire shoreline of New Jersey, it is also important to realize that by no means did Hurricane Sandy paralyze the LBI real estate market or the Long Beach Island area. As LBI NJ rebuilt, so to did the local real estate market recover in preparation for Summer 2013. While the LBI real estate market offers several forms of ownership, single family homes on LBI are by far the most active component month after month. Since single family homes on LBI can act as a gauge for the LBI real estate market as a whole, asking, “Will Single Family Homes Sales on Long Beach Island Continue to Increase?” can answer the broader question of, “will interest in the Long Beach Island NJ real estate market continue to increase?”
Will Single Family Homes Sales on Long Beach Island Continue to Increase?
In order to understand the current trends in the LBI real estate market, we must look at the past years sales of single family homes on Long Beach Island. For the time period of June 1st-October 1st, single family home sales are broken down as follows:
- 2010: 81 closed single family homes in the LBI NJ real estate market
- 2011: 102 closed single family homes in the LBI NJ real estate market
- 2012: 137 closed single family homes in the LBI NJ real estate market
- 2013: 116 closed single family homes in the LBI NJ real estate market
A quick look at the data can tell us a few things. There has been significant improvement in the LBI NJ real estate market with sales peeking in 2012. While home sales were slower in 2013 as compared to 2012, they were still notably higher than 2010 and 2011. Add into the equation the 51 single family homes currently under contract and it paints a very positive picture for the Long Beach Island real estate market. Whether Single Family Homes Sales on Long Beach Island Continue to Increase depends greatly on the availability of new inventory on Long Beach Island, interest rates and the general attitude of buyers. For now, inventory is remaining steady. we are not seeing a disproportionate number of new listings coming on the market (which generally drives prices lower) and interest rates are still highly competitive. Buyer interest has remained strong so all signs point to single family home sales on Long Beach Island holding steady if not increasing. The important thing to takeaway is that the market must be approached with caution and every real estate transaction should be weighed individually. For both buyers and sellers on Long Beach Island, an offer must take into account the current market conditions, the condition of the property and the location.
Buying and Selling in the Long Beach Island New Jersey Real Estate Market on LBI
Regardless if you are buying or selling in the LBI real estate market, market trends are helpful when dealing with offers to buy a home on LBI. Without a proper understanding of the Long Beach Island real estate market, it is difficult to justify an offer or a counter offer. For more information about single family home sales on Long Beach Island or the LBI real estate market in general please do not hesitate to contact me, Nathan Colmer, and I will be happy to help!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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