Nathan Colmer | The Van Dyk Group
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View 2011 sales transactions on Long Beach Island New Jersey and LBI NJ real estate information provided by Nathan Colmer of The Van Dyk Group LBI
December 2011 and 2011 Year Ending LBI Real Estate Sales Newsletter
For the month of December 2011, there were 33 single family homes sold on LBI with an average sale price of $817,829. On average, these homes sold for 93.6% of their asking price and sold in 164 days. It is also interesting to note that there are currently 454 active single family homes on LBI and 75 under contract! In the month of December 5 condos and 5 duplexes sold for an average price of $580,500 and $892,000 respectively. The 5 condos sold for an average of 94.6% and in an average of 83 days with duplexes selling for an average of 92% and in 135 days.
December closes out a year that has seen some interesting activity in the LBI sale market. 2011 saw more homes sell than 2010 but for a slightly lower price point. In 2011, the average home sale price was about $951,000 whereas 2010 saw an average sale price of just over $1 million. 294 single family homes sold in 2010 where as 299 single family homes sold in 2011. The average days on the market and the average ratio of sale vs. list price were about the same. Overall, I think the data shows that the LBI sale market has remained more or less stable. It is encouraging to see that more homes sold in 2011 even if it was for a little less money on average. It is also encouraging to see that 75 single family homes are currently under contract!
November 2011 LBI Real Estate Sales Newsletter
For the month of November 2011, 13 single family homes and 3 duplexes were sold on Long Beach Island. For the 13 single family homes, the average sale price was $1,131,461 holding steady with the average sale price of a single family home on LBI being around $1 million. The most inexpensive single family home sale in November was for $195,000 and was a mixed use commercial and residential unit! On average, single family homes sold for 86.8% of their sales price, which is far lower than average, and sold in 184 days. The three duplexes sold for an average price of $644,000 and sold for an average sale price of over 96%!
The fact that far fewer homes sold in November than in previous months is not at all surprising for this time of year. The holiday season in November and December is always slower and this year seems to be no exception. Surprisingly though, there is a lot of activity in the office so January and February may prove to be busy months for the LBI real estate market!
October 2011 LBI Real Estate Sales Newsletter
For the month of October 2011, 27 single family homes sold on Long Beach Island for a grand total of just under $26,500,000! The average sale price was $979,737 and homes sold on average for 89% of the asking price. On average, homes sold after spending 202 days on the market. There are also currently 36 single-family homes pending on the LBI market. In addition, 2 condos and 5 duplexes sold in the month of October and there are currently 5 condos under contract and 10 duplexes pending as well!
These numbers seem to be more or less in line with the numbers we have been seeing in past months. The average percentage difference between listing price and asking price is lower than the 92% it has been running, but there were a couple of listings in October that sold for far under their asking price (which was too high in my opinion to start with) and that will of course drive the average down. The days on market is also slightly higher than the +/-180 the most months seem to average, but overall the numbers are in line with sales for this time of year.
September 2011 LBI Real Estate Sales Newsletter
For the month of September there were 27 single-family homes sold for an average price of $845,687. On average homes sold for 92% of their asking price and sold in an average of 171 days. There were also 7 condos sold in September for an average price of $402,342 and 4 duplexes sold for an average of $639,999.
Now that the summer season has passed, sales are starting to pick up again. Remember last month there were only 11 single family homes sold so this is a significant increase over the past month. The average sale price is higher compared to last month as well by roughly $100,000 but it is still lower than most LBI averages which tend to hover around the $1,000,000 mark.
August 2011 LBI Real Estate Sales Newsletter
The month of August saw a significant drop in closings on LBI which is to be expected for this time of year. For the month of August 2011, there were only 11 single family homes sold with an average price of $763,650. These homes sold for a higher percentage of their asking price on average (94% with two homes selling for full price and one home selling for 99%) and the homes sold far faster with an average time on market of only 110 days. There were also 2 condos and 1 multi family home sold in August 2011 on LBI.
As I mentioned above, August is normally a sold time on LBI for real estate closings. In fact, last August there were only 7 single family homes sold so there is actually quite an increase when compared to last year. It is interesting to note that there was only one sale over the $1 million figure in August while the majority of the closings were in the $500,000 range. Now that the summer has passed, we should start to see some new listings enter the market and properties currently listed for sale will most likely begin to see some price reductions.
On a side note, LBI faired very well through Hurricane Irene. There was almost no damage to the Island the only minor flooding along the main road. LBI is open and ready for a busy Labor Day weekend!
July 2011 LBI Real Estate Sales Newsletter
For the month of July 2011 there were 21 single family homes sold on LBI for an average price of $1,134,142. Homes spent an average of 156 days on the market and sold for an average of 92.2% of their asking price. The condo and multi family market also saw activity with 7 condos sold in July for an average price of $392,500 and 3 multi family homes sold for an average price of $606,000. This make a grand total of $28,384,482 worth of real estate sold on LBI for the month of July 2011!
June 2011 LBI Real Estate Sales Newsletter
For the month of June there were 34 single family homes sold with an average sale price of $1,061,322 which is more consistent with the average sale price we have been seeing on LBI over the past several months. Homes sold for an average of 93.7% of their listing price and spent an average of 211 days on the market. Summer is now in full swing on LBI and it looks like it will be a beautiful 4th of July weekend! Have a safe and happy holiday weekend!
May 2011 LBI Real Estate Sales Newsletter
For the month of May 2011 there were 33 single-family homes sold on LBI with an average sale price of $972,308. On average, homes sold for 89.3% of their asking price and sold in an average of 154 days. This data is somewhat different from the past several months in that both the average sale price and the average list price/sell price ratio were both lower. For the past several months, homes have been selling for about 92% of their asking price which is clearly much higher than this month’s average. It is also interesting to note that the average days on market fell by almost 25 days which shows homes sold faster and for less money than in the past few months. In addition, 9 condos and 2 duplexes also sold in May for a grand total of 44 transactions this month on LBI!
April 2011 LBI Real Estate Sales Newsletter
For the month of April there were 25 single-family homes sold on Long Beach Island. The average sale price was $1,012,462 with homes selling for an average of 92.8% of their asking price. On average, homes spent 134 days on the market.
April tends to be a fairly active sales month as a purchase in the March-May time frame will still allow buyers to make changes and renovations to their new home before summer and/or allow some time on the rental market if that is the new owners intention. The fact that there are currently 44 homes under contract helps demonstrate this trend.
The LBI rental market has also shown a substantial amount of activity with most agencies on LBI reporting that rentals are higher this year than the past few years. Overall, more homes are on the rental market and more weeks have been rented than last year so this kind of activity always helps both the LBI real estate market and the LBI economy as a whole.
March 2011 LBI Real Estate Newsletter
For the month of March 2011, the LBI real estate market produced 24 single-family home sales with an average sale price of $931,500. Single-family sales ranged in price from $340,000 to $2,250,000. On average, homes sold for 93.2% of their listing price and spent an average of 245 days on the market. The days on market is noteworthy as it is extremely high when compared to past months. The primary reason for this variation is one listing spent a total of 1,531 days on the market! When you remove this listing from the equation, the average days on market drops to 190. While this number is still high, it is far more in line with past months.
On a slightly different subject, I am often asked is, "How many people live on LBI year-round?" Now that the official US Census has been completed, I can share with everyone the figures town by town. Barnegat Light has a reported 574 year round residents. Ship Bottom and Surf City both had similar census figures at about 1,156 residents each while Beach Haven reported 1,170. Long Beach Township, the largest town on LBI and comprising about 12 of the 18 developed miles, registered 3,051 (of which I am a member!). Harvey Cedars came in as the smallest town on LBI by population with only 337 year round residents. This is interested data when you consider the summer population on LBI is an estimated 200,000 people at any given point!
February 2011 LBI Real Estate Newsletter
For the month of February there were 21 single family homes sold on LBI with an average selling price of $929,300. On average, homes sold for 92% of their asking price and sold in an average of 277 days. This data would make it seem that homes are taking longer to sell as 277 days is far higher than past averages of approximately 175 days. This higher average is due to 5 homes that spent 500 days or more on the market before closing. When investigating these listings further, a common trend appears of overpriced listings and multiple price reductions. Rather than implying that homes are taking longer to sell, I think this data stresses the importance of properly pricing a listing to be in line with the current market.
Both the average sale price and the number of units sold are back to current trends after last month’s anomaly of an average sale price of $750,000 and only 12 units sold. As I mentioned last month, the holiday season has a dramatic impact on real estate sales on LBI.
January 2011 LBI Real Estate Newsletter
For the month of January, there were 12 single-family houses sold on LBI. The average sale price was $757,422 and homes sold for an average of 93.1% of their listing price. On average, homes sold in about 273 days. This data is interesting because it is very different than the numbers we have been seeing in recent months, although this is in part is due to the normal slowing of LBI real estate both during and after the holiday season. Only half as many homes sold in January as compared to the past several months and the average price is much lower than normal. The lower average sale price is partly due to only two sales over $1,000,000 whereas in most months there are five or six homes sold over $1,000,000.
On a brighter note, there are 35 homes under contract which, for this time of year, is extremely high. It is typical to see a slowing of home sales right after the holiday season and while the number of closed transactions is down, more homes are in pending. The last two weeks have been very busy in my office so it will be interesting to see if increased foot traffic will translate into more sales!