LBI Real Estate Oceanfront Sales Update
- High Tides Digital Marketing
- Dec 29, 2018
- 3 min read
Long Beach Island NJ Real Estate Oceanfront Single Family Home Sales
Long Beach Island Real Estate
LBI Real Estate Oceanfront Sales Update. When considering a purchase in the LBI real estate market it is helpful to examine all locations and how they have been performing. Perhaps nowhere is this more helpful than in looking at oceanfront home sales. Regardless of what price range you are considering or what location you are looking to buy, a study of oceanfront home sales can shed some insight into the LBI real estate market as a whole. Here we will look at oceanfront single family home sales over the past 10 years to get an idea of where the market is trading and where it may be heading.
LBI Real Estate Oceanfront Sales Update
In the chart below I have broken down all single family sales on the oceanfront over the past 10 years. This data is broken into the primary year and shows the median sales price for that year as well as the number of homes sold.
Primary Year | Median Sale Price | Number of Sales |
2008 | $2,000,000 | 21 |
2009 | $2,050,000 | 14 |
2010 | $1,928,750 | 30 |
2011 | $1,850,000 | 23 |
2012 | $1,750,000 | 29 |
2013 | $2,034,750 | 18 |
2014 | $1,845,000 | 29 |
2015 | $2,012,500 | 38 |
2016 | $1,660,000 | 37 |
2017 | $1,825,000 | 55 |
2018 | $1,950,000 | 43 |
A look at the data shows some interesting trends. The median sales price of a single family oceanfront home is actually lower today than it was in 2008, 2009 and 2010 which are generally considered to be the bottom of the market on LBI. Some of this is driven by the simple fact that more knock down homes have been sold recently to make way for new homes that will command a price tag of several million dollars. Additionally with a smaller sample size in 2008-2010 one or two high priced sales can easily skew the data. It is clear that activity in the oceanfront market on Long Beach Island has grown considerably over the past 10 years with almost twice as many homes having sold in 2018 as 2008. throughout the LBI real estate market we have seen strong activity in 2017 and 2018. Right now, all indications point to 2019 being a strong year for activity as well.
Buying in the LBI NJ Real Estate Market
The data above regarding Long Beach Island oceanfront sales reflects the general trends we have seen in other locations and price points throughout the LBI real estate market. 2017 seems to have been the peak in terms of overall market activity however prices are a little higher in 2018 than 2017. The fact that there are fewer closed sales in the LBI real estate market is rather easily explained. First, there is a significant lack of good inventory. This sidelines some buyers who are ready, willing and able yet unable to find the right house. Secondly with increases in loan interest rates coupled with the ups and downs of the stock market some buyers are waiting to see how things develop in the next few months. Overall market activity has been strong and steady. If pending sales are any indication the LBI real estate market should have a strong 2019. For more information about this LBI Real Estate Oceanfront Sales Update or about buying, selling or investing in the Long Beach Island real estate market 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
