LBI NJ New Construction Market Update
- High Tides Digital Marketing
- Sep 24, 2018
- 2 min read
LBI New Construction Median Sale Price and Median Days on Market
Long Beach Island NJ Real Estate
One of the most interesting and telling segments of the Long Beach Island New Jersey real estate market is new construction. Understanding how the new construction market fares is a good indicator of the overall LBI real estate market. To this end, tracking the median sale price and the median days on market is a great way to understand the LBI real estate market at large and can help determine if this is a good time to buy or sell.
LBI NJ New Construction Market Update
Month | Days to Sell, Median | Sale Price, Median |
Jan | 115 | $1,820,000 |
Feb | 83 | $1,437,500 |
Mar | 107 | $1,875,000 |
Apr | 177 | $1,119,000 |
May | 144 | $1,510,000 |
Jun | 94 | $1,100,000 |
Jul | 96 | $1,397,500 |
Aug | 128 | $1,115,000 |
As you can see the median sale price of a new construction in the LBI real estate market is trending lower over the summer months. This is not unexpected as many spec builders will try to build a home in time for the spring season. The fact there March was such a high median price supports this trend. Likewise January shows a higher median price as some builders will want to hold a property into the next tax year (and delay closing as a result). A quick look at the same time frame in the prior year shows some interesting trends as well.
Month | Days to Sell, Median | Sale Price, Median |
Jan | 163 | $1,321,250 |
Feb | 97 | $1,160,000 |
Mar | 41 | $1,190,000 |
Apr | 64 | $1,637,500 |
May | 308 | $1,330,000 |
Jun | 143 | $1,510,000 |
Jul | 133 | $1,569,500 |
Aug | 92 | $1,195,000 |
We see the same higher median price in the early part of the year and the March/April (early spring) season. What is important to point out is the higher price shown in 2018 over 2017. For a buyer this is significant as one does not want to buy at the height of the market and overpay for a product. That said, we must keep in mind that a median price accounts for higher and lower sales...so a few expensive oceanfront sales can skew the data somewhat. When looking to buy in the LBI real estate market a buyer must look at the market trends as well as the specific property to make sure it is a good investment that will hold value. For more information about this LBI NJ New Construction Market Update, building a home on Long Beach Island or the LBI NJ real estate market in general please do not hesitate to contact me.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
