YOUR GUIDE TO INVESTING ON LBI
Maximize Your Real Estate Investment Potential
January 2014 Sales in the LBI, NJ Real Estate Market
The beginning of 2014 showed some strong market activity. The overall number of sales and average prices were a little lower but the number of pending homes was much higher! Sales are as follows:
Single Family Homes
22 Sold
Average Price: $721,465
Average Percentage of Listing Price: 92%
Average Days on Market:197
Condominiums
5 Sold
Price: $337,400
Percentage of Listing Price: 93%
Days on Market: 116
Multi Family Homes (Duplexes)
5 Sold
Average Price: $647,800
Average Percentage of Listing Price: 95.8%
Average Days on Market:129
Overall, a total of 32 transactions took place in the LBI NJ real estate market in January 2014. While this is a little lower than past months, the number of showings of homes, pending sales and overall interest was much higher! This should translate into some stronger sales data in future months. Part of the influence of the lower average sales price for a single family home had to do with storm damaged homes. There were a few more of these in January which does partly drive the price lower.
February 2014 Sales in the LBI, NJ Real Estate Market
February 2014 showed fewer closed transactions as compared to the end of 2013 however overall interest in the market as well as the average price is much higher. Sales were as follows:
Single Family Homes
22 Sold
Average Price: $1,004,961
Average Percentage of Listing Price: 93%
Average Days on Market:118
Condominiums
2 Sold
Price: $648,750
Percentage of Listing Price: 989%
Days on Market: 89
Multi Family Homes (Duplexes)
1 Sold
Average Price: $825,000
Average Percentage of Listing Price: 95%
Average Days on Market:102
It is somewhat common to see lower numbers of closed sales in February as it is a shorter month but it is encouraging to see that the average price was over $1,000,000! Market activity is very strong with over 100 homes currently under contract in the LBI real estate market! Of the 102 homes currently under contract, 48 of these took place in February alone! This kind of market activity is an indicator of an overall stronger real estate market on Long Beach Island!
March 2014 Sales in the LBI, NJ Real Estate Market
March 2014 showed very strong activity in the LBI real estate market and a stable average sales price. Sales were as follows:
Single Family Homes
29 Sold
Average Price: $961,586
Average Percentage of Listing Price: 93.5%
Average Days on Market:146
Condominiums
4 Sold
Price: $334,500
Percentage of Listing Price: 94.5%
Days on Market: 150
Multi Family Homes (Duplexes)
3 Sold
Average Price: $644,667
Average Percentage of Listing Price: 90%
Average Days on Market:129
March showed a significant increase in activity with a total of 36 transactions taking place in the LBI real estate market. The average sales price of a single family home was a little lower in March when compared to February, however this number was driven lower due to 2 storm damaged homes being sold for land value. Comparing single family home sales in March 2014 to March 2013 again shows substantial improvement in the total number of homes sold (29 single family homes in 2014 vs. 22 in 2013) and the average price ($961,586 in 2014 vs. $751,027 in 2013). Currently there are over 100 single family homes "under contract" on Long Beach Island showing that interest has remained steady!
April 2014 Sales in the LBI, NJ Real Estate Market
April 2014 showed a substantial increase in sales when compared to April 2013.Sales were as follows:
Single Family Homes
32 Sold
Average Price: $879,744
Average Percentage of Listing Price: 94.4%
Average Days on Market:163
Condominiums
2 Sold
Price: $179,500
Percentage of Listing Price: 99.7%
Days on Market: 191
Multi Family Homes (Duplexes)
4 Sold
Average Price: $1,087,554
Average Percentage of Listing Price: 94.4%
Average Days on Market:163
There were a total of 38 sale transactions in April 2014 which is slightly higher than March 2014 (36) and much higher than April 2013 (23)! The average price of a single family home was slightly lower in April when compared to March, however it is virtually unchanged from April 2013. A look at the year over year sales numbers show us that the market has substantially increased over the past year and both prices and activity are holding steady. Currently there are about 100 properties under contract in the LBI real estate market.
May 2014 Sales in the LBI, NJ Real Estate Market
May 2014 showed a tremendous amount of activity with 55 closed transactions in the LBI real estate market! Sales are as follows:
Single Family Homes
47 Sold
Average Price: $982,045
Average Percentage of Listing Price: 95.4%
Average Days on Market:133
Condominiums
7 Sold
Price: $362,571
Percentage of Listing Price: 99.6%
Days on Market: 58
Multi Family Homes (Duplexes)
1 Sold
Average Price: $832,000
Average Percentage of Listing Price: 98%
Average Days on Market:123
Sales were much higher in May 2014. An increase in closed sales is to be expected as we get closer to summer since many home buyers are eager to be in the house for summer. A look at the year over year sales, comparing May 2013 to May 2014, shows 17 more homes sold in 2014 with an increased average price of well over $100,000! This is a very strong sign for the overall condition of the LBI real estate market. There are currently about 91 homes under contract.
June 2014 Sales in the LBI, NJ Real Estate Market
June 2014 showed slightly lower sales than May 2014 which is to be expected as we enter the summer season. Sales are as follows:
Single Family Homes
37 Sold
Average Price: $932,120
Average Percentage of Listing Price: 95.1%
Average Days on Market:129
Condominiums
5 Sold
Price: $515,400
Percentage of Listing Price: 94.8%
Days on Market: 179
Multi Family Homes (Duplexes)
6 Sold
Average Price: $441,166
Average Percentage of Listing Price: 90.8%
Average Days on Market: 392
Overall, May 2014 was a strong month for real estate sales on Long Beach Island. A total of 48 properties sold and 62 homes went "under contract"! This makes over 90 homes currently under contract on Long Beach Island. The average price of a single family homes was on par with past months and surprisingly, the average price of a condo registered higher than the average price of a duplex! Summer will typically see a slight quieting down of sales given the difficulty in showing sale properties during the summer rental season.
July 2014 Sales in the LBI, NJ Real Estate Market
July 2014 showed slower activity than June 2014, but this is to be expected over the summer months. Sales are as follows:
Single Family Homes
33 Sold
Average Price: $935,522
Average Percentage of Listing Price: 94.2%
Average Days on Market:107
Condominiums
5 Sold
Price: $290,000
Percentage of Listing Price: 95.6%
Days on Market: 172
Multi Family Homes (Duplexes)
1 Sold
Average Price: $490,000
Average Percentage of Listing Price: 89.1%
Average Days on Market: 48
Looking at a year over year comparison of July 2013 to July 2014, we have seen a significant improvement. Four more single family homes sold in 2014 and the average sales price was about $40,000 higher! Two more condos sold in 2014, however the average sales price was lower in 2014. This is explained by a small sample size (only 5 units) being influenced by a very inexpensive sale of an efficiency unit. Overall, the LBI real estate market is doing very well. There were 49 new contracts written in July 2014 brining the total number of pending sales up to 79 Island wide.
August 2014 Sales in the LBI, NJ Real Estate Market
August 2014 saw a deep drop in the number of closed sales, however this is to be expected as summer tends to be a slower time for LBI real estate transactions. Sales are as follows:
Single Family Homes
18 Sold
Average Price: $1,369,230
Average Percentage of Listing Price: 93.3%
Average Days on Market: 149
Condominiums
5 Sold
Price: $306,680
Percentage of Listing Price: 95.6%
Days on Market: 196
Multi Family Homes (Duplexes)
1 Sold
Average Price: $785,000
Average Percentage of Listing Price: 93.5%
Average Days on Market: 352
While the overall number of homes sold on Long Beach Island was lower, the average sales price was higher in every category. The average price of a single family home was about $400,000 higher in August when compared to July and was over $500,000 higher than August 2013! There are currently about 97 homes "under contract" on Long Beach Island with 49 of these pending contracts taking place in August alone. This is a strong indicator of the high interest in the LBI real estate market as buyer activity increases towards the fall market.
September 2014 Sales in the LBI, NJ Real Estate Market
September saw a massive increase in sales as buyer activity soared in the fall real estate market. September 2014 showed one of the strongest months in years! Sales are as follows:
Single Family Homes
40 Sold
Average Price: $805,396
Average Percentage of Listing Price: 92%
Average Days on Market: 151
Condominiums
1 Sold
Price: $650,000
Percentage of Listing Price: 96%
Days on Market: 126
Multi Family Homes (Duplexes)
5 Sold
Average Price: $1,013,720
Average Percentage of Listing Price: 96%
Average Days on Market: 126
While the overall number of homes sold was substantially higher, the average price of a single family home was lower. This is partly explained by a few storm damaged homes trading in this time period. Overall, the substantial increase in active is a positive sign in the LBI real estate market. With almost 50 homes selling in one month, it is easy to see how much confidence has been restored to the Long Beach Island real estate market!
October 2014 Sales in the LBI, NJ Real Estate Market
While September was among the best months for home sales on Long Beach Island, October showed an even stronger month and even more impressive numbers! Sales are as follows:
Single Family Homes
47 Sold
Average Price: $1,143,689
Average Percentage of Listing Price: 94.3%
Average Days on Market: 147
Condominiums
3 Sold
Price: $142,333
Percentage of Listing Price: 3%
Days on Market: 142
Multi Family Homes (Duplexes)
12 Sold
Average Price: $694,437
Average Percentage of Listing Price: 95.8%
Average Days on Market: 679
October home sales in the LBI real estate market are nothing short of amazing! With over 60 real estate transactions taking place in this month alone, October 2014 holds the title as the best month for the LBI real estate market in several YEARS! The average price of a single family home was higher than September and the difference between listing price and sales price has narrowed by roughly 2 percentage points! The two interesting anomalies were the average sales price for condos and the enormously long days on market for duplexes. The condo market showed three sales, all of which were small units priced under $200,000. This is not representative of the condo market at large on Long Beach Island. The average days on market for duplexes was heavily skewed by one sale that spent a shocking 2,086 days on the market!!! This sale distorts the data. When it is removed from the equation, the average time a duplex spent on the market for sale was 119 days, far more in line with past months numbers. It is very encouraging to see this kind of activity taking place for two consecutive months. The LBI real estate market has been very busy and activity has remained strong with over 100 homes currently under contract on LBI.
November 2014 Sales in the LBI, NJ Real Estate Market
November posted a very strong month for the LBI real estate market! Sales are as follows:
Single Family Homes
39 Sold
Average Price: $1,032,884
Average Percentage of Listing Price: 94.9%
Average Days on Market: 166
Condominiums
5 Sold
Price: $571,500
Percentage of Listing Price: 96%
Days on Market: 38
Multi Family Homes (Duplexes)
6 Sold
Average Price: $789,333
Average Percentage of Listing Price: 95%
Average Days on Market: 116
While November sales were not as strong as October's, this has more to do with a seasonal trend than a decline in the market. October is typically a very busy month for closed transactions and can usually be the best month of home sales in the LBI real estate market. As the year comes to a close, it is very common to see sales slow down as buyers and sellers become distracted by the holiday season.
December 2014 Sales in the LBI, NJ Real Estate Market
December closed out a very strong year in the LBI real estate market! Sales are as follows:
Single Family Homes
18 Sold
Average Price: $1,089,271
Average Percentage of Listing Price: 95.1%
Average Days on Market: 123
Condominiums
7 Sold
Price: $410,557
Percentage of Listing Price: 93.7%
Days on Market: 144
Multi Family Homes (Duplexes)
8 Sold
Average Price: $606,562
Average Percentage of Listing Price: 94.7%
Average Days on Market: 141
The overall number of homes sold declined in December, however this is to be expected with the holiday season. The average price of a single family home was well over the $1,000,000 mark and a year over year comparison of home sales in December show an increase of over 19% in the average sales price! This is very impressive growth and a sign that buyer confidence is high in the LBI real estate market.
Year End
N/A