LBI Real Estate Single-Family Oceanfront Sales in 2020
- High Tides Digital Marketing
- Jan 16, 2021
- 2 min read
Long Beach Island Real Estate Oceanfront Single Family Home Sales in 2020
Long Beach Island Real Estate Oceanfront Sales
The oceanfront sales market on Long Beach Island saw some very interesting activity in 2020. In this article, we will be looking at single-family homes on the oceanfront only to see how the most expensive facet of the Long Beach Island real estate market reacted to coronavirus. The short answer is, the oceanfront sales market saw roughly DOUBLE the buyer activity in the second half of 2020 compared to the first half of 2020 with some very high prices being paid for this highly sought-after location.
LBI Real Estate Single-Family Oceanfront Sales in 2020
Below is a list of all sold single-family homes on the oceanfront that sold in 2020. Note this is for all home styles and price points so the average price shown can be in need of adjustment for different property types.
Month | Sales, Number of | Sale Price, Average |
Feb-20 | 2 | $2,045,000 |
Mar-20 | 1 | $1,910,000 |
Apr-20 | 3 | $1,620,833 |
May-20 | 3 | $1,459,000 |
Jun-20 | 4 | $2,180,625 |
Jul-20 | 4 | $3,386,250 |
Aug-20 | 5 | $2,965,000 |
Sep-20 | 7 | $2,493,929 |
Oct-20 | 13 | $2,474,000 |
Nov-20 | 12 | $3,191,375 |
Dec-20 | 10 | $2,775,500 |
Jan-21 | 7 | $2,776,643 |
As you can see, the number of homes sold exploded over the summer months. The average price paid also rose dramatically as buyers flocked to the shore areas to escape COVID-19 and live and work at the beach. Since there can be a disparity in price between a new home on the oceanfront, I looked at this data too. New home sales on the oceanfront showed similar activity with the average price hovering around $4,000,000.
Long Beach Island Real EstateOceanfront Single Family Home Sales in 2020
Buying a home on the oceanfront in the Long Beach Island real estate market requires a careful understanding of this unique location. For example, oceanfront homes fall in a different flood zone which carries a higher annual insurance premium. Additionally, building on the oceanfront requires additional permitting which can greatly restrict what can be built on a site. In addition to these specific nuances, any buyer or seller of an oceanfront home would be wise to understand where the market is trading at this time. If you have any questions 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
