LBI Real Estate Single Family Oceanblock Home Sales in 2019
- High Tides Digital Marketing
- Jan 22, 2020
- 2 min read
Oceanblock Single Family Home Sales in the Long Beach Island Real Estate Market
Long Beach Island Real Estate Single Family Home Sales 2019
The Long Beach Island real estate market had a strong year in 2019. The average price of a home was slightly higher than 2018 and there were more transactions in 2019 than 2018. That said, not all areas of the LBI real estate market performed the same and different property locations saw rather significant differences between 2018 and 2019. For example, oceanfront homes saw a much higher average transaction price but far fewer transactions between the two years. So, how did the oceanblock real estate market perform in 2019?
There were 119 sold single family homes on the oceanblock in 2019
The average price of a home was $1,230,591
This represents the most transactions and the highest price over the last 5 year period.
LBI Real Estate Single Family Oceanblock Home Sales in 2019
Below is a chart of all single family homes sold on the oceanblock areas of the LBI real estate market over the past five years:
Primary Year | Sale Price, Average | Sales, Number of |
2015 | $1,020,747 | 42 |
2016 | $1,125,017 | 87 |
2017 | $1,119,487 | 114 |
2018 | $1,183,950 | 110 |
2019 | $1,230,591 | 119 |
As you can see, the number of homes sold and the average price have steadily increased since 2015. New construction is the major driving force behind the increases. The popularity of the oceanblock has created a highly competitive market and one that often sees bidding wars. Even with the higher prices for older homes and knock-downs, we still see strong equity positions in a new build thanks again to the popularity of the ocean block in both the sale and rental market.
2019 ended another strong year in the LBI real estate market. While the number of homes sold still lags behind 2017, the average price of a home has increased year after year. One very interesting trend witnessed in 2019 was the type of home sold. While there were more transactions in 2019 than 2018, much of the increase was in the condo market, NOT the single family home market. As prices for all types of property in the LBI market increase, these more affordable condos seem to be drawing some extra attention. If you have any questions about LBI Real Estate Single Family Oceanblock Home Sales in 2019 or about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
