December Sales on Long Beach Island NJ

 Hurricane Sandy has left her mark on Long Beach Island and while there had been damage to the Long Beach Island  area, thanks to the tireless efforts of the towns, contractors, municipal workers and federal responders, LBI and the LBI real estate market have made great strides towards recovery. A major indication of this is the tremendous amount of activity in the LBI real estate market for the month of December 2012. Even with Superstorm Sandy, a total of 42 units sold on Long Beach Island in December 2012! The sales breakdown is as follows:

Single Family Homes

• 33 Sold

• Average Price: $1,103,912

• Average Percentage of Listing Price: 92%

• Average Days on Market:180

Condominiums

• 4 Sold

• Average Price: $450,000

• Average Percentage of Listing Price: 93.8%

• Average Days on Market:261

Multi Family Homes (Duplexes)

• 5 Sold

• Average Price: $746,000

• Average Percentage of Listing Price: 93%

• Average Days on Market:250

It is remarkable to see that the sales levels have returned to, or in some cases exceeded, both the number of homes sold and the average listing price for many months prior to Hurricane Sandy. The LBI real estate market has always been strong and the ability to weather both the physical damage and the negative media attention caused by this disaster are testament to that strength. As LBI continues to repair and rebuild, life begins to return to normal and the promise of a busy and fun filled Summer 2013 seems more realistic every day.

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November Sales on Long Beach Island NJ

 Hurricane Sandy has impacted Long Beach Island and now that things have begun to settle down, it is possible to have a better evaluation of the damage. All things considered, LBI fared rather well in that the majority of the infrastructure is intact. We have no boardwalk to rebuild and the beaches have already begun to return to normal (in fact there are some who are fishing and surfing even today!). LBI has all utilities restored with the exception of Holgate which is still under construction. Right now, it looks like summer 2013 will be in full swing on Long Beach Island!

 Even with Hurricane Sandy having struck Long Beach Island, there were still 8 closings in the LBI real estate market! The sales data is as follows:

 Single Family: 5 Sold

• Average Price: $715,000

• Percentage of Listing Price: 94.8%

• Days on Market: 301

 Condominiums: 2 Sold

•  Average Price: $185,000

• Percentage of Listing Price: 93%

• Days on Market: 178

 Multi Family Homes: 1

• Price: $479,000

• Percentage of Listing Price: 94.6%

• Days on Market: 173

 On the whole, most real estate transactions are still moving forward. There have been a few deals in both the Van Dyk office and other offices on Long Beach Island that have fallen apart due to the storm but they are the exception and not the norm. There has been a lot of activity from buyers looking to purchase a property and finish it to their tastes. Helping this trend is a mortgage program that allows for the purchase of a damaged home and the costs of renovation to be factored into the total loan amount. This program is custom made for the current state of the LBI real estate market and buyers have been taking advantage of it!

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Hurricane Sandy and October Sales on Long Beach Island NJ

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September 2012 Sales on LBI

For the month of September 2012 the LBI real estate market continued to remain active. A total of 38 properties sold on Long Beach Island NJ in the month of September compared to 39 transactions in August 2012  The sales are broken down as follows:

Single Family Homes:

·         31 Sold

·         Average Price: $1,008,970

·         Days on Market: 142

·         % of Listing Price: 93%

Condominiums:

·         5 Sold

·         Average Price: $432,900

·         Days on Market: 161

·         % of Listing Price: 94%

Duplexes:

·         2 Sold

·         Average Price: $550,000

·         Days on Market: 185

·         % of Listing Price: 96%

It is interesting to note how consistent the market was for the months of August and September. Both months had the same number of duplexes and condominiums sell with only one less single family home sold in September. The average price of both months was almost the same for single family homes (September was about $3,000 higher) and the average price of both condominiums and multi-family homes increased. Compared to 2011 the numbers show substantial improvement. Five more single family homes sold in September 2012 with a price increase of roughly $150,000! 

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August 2012 Sales on LBI

For the month of August 2012, the LBI real estate market showed some increased activity! A total of 39 properties sold on Long Beach Island NJ for the month of August. The sales are broken down as follows:

Single Family Homes:

• 32 Sold

• Average Price: $1,006,528

• Days on Market: 137

• % of Listing Price: 94%

Condos:

• 5 Sold

• Average Price: $315,000

• Days on Market: 163

• % of Listing Price: 92%

Duplexes:

• 2 Sold

• Average Price: $413,500

• Days on Market: 72

• % of Listing Price: 94%

August 2012 demonstrated the continued improvement in the LBI real estate market. Compared to August 2011, the average price of a single family home was up almost $250,000 and nearly three times as many homes sold!! In August 2011, the average single family home price was $763,000 and only 11 homes sold so it is easy to see what a dramatic difference 2012 has created. Typically, September and October are ideal times to buy real estate on Long Beach Island as we see a surge in inventory and more motivation on the part of sellers who have had their house on the market for the summer and been unable to sell it. It will be interesting to see how September and October fair in the real estate market! 

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July 2012 Sales on LBI

For the month of July the LBI real estate market showed some slowing down which is to be expected during the summer months. Total sales reported consisted of 27 single family homes sold, 2 condos and 4 duplexes. The average price of a single-family home on Long Beach Island NJ in July was $897,549. On average, these homes spent 127 days on the market and sold for 93.1% of their listing price. Condo sales were less representative of the market as a whole with one of the two July sales trading for only $80,000 (for the record, that is not a typo. There really are condos that sell for $80,000 on LBI!).  As a result, the average sale price of a condo in July was $197,500. Condos sold for 83.3% of their listing price and spent an average of 240 days on the market. Duplexes faired better with 4 sales and an average price of $463,750. Duplexes sold for 94.1% of their listing price and sold in an average of 105 days.

Despite being slower than May or June, there were still a total of 29 sales on Long Beach Island for a total of $23,011,524 worth of real estate. Summer typically will slow down due to the difficulty that ensues with showing houses that are rented so as the summer passes and we enter into the fall market, the numbers should start to increase again. 

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June 2012 Sales on LBI

For the month of of June 2012, The LBI real estate market saw 47 single family homes sell (the same number as May 2012!) with an average sales price of $1,014,870. On average, single family homes sold in 190 days and for 94.2% of their asking price. Condos and Multi family homes were slightly less impressive with only 3 condos selling at an average price of $495,000 and 5 multi family homes selling with an average price of $519,000. Condos spent an average of only 81 days on the market and sold for 95% of their asking price while multi-family homes sold in 226 days and for an average of 93.3% of their asking price.

On the whole, the LBI real estate market continues to improve with an impressive number of homes selling and for an average higher price. We continue to see a lot of buyer activity in the market with the seasonal increase of population on LBI. Many of these inquiries are from renters who have been keeping their eye on the real estate market and are now ready to get serious about their search. It will be interesting to see how the market activity plays out over the summer months. 

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May 2012 Sales on LBI

For the month of May 2012, the LBI real estate market saw a total of 47 single family homes sold on Long Beach Island with an average sales price of $933,329. On  average, homes sold in 163 days and for 92.2% of their asking price. Condo sales were also active with 6 units selling at an average price of $365,250. On average, condos spent 255 days on the market and sold for 93.3% of their listing price. A total of 6 duplexes also sold in May with an average price of $790,166 and an average of 162 days on the market.

The LBI real estate market continues to show its strength with the average price of a single family home over $130,000 higher than April and 7 more homes selling. This is in part due to the time of year as many buyers look to settle their transactions before the start of summer. Regardless, it is encouraging to see activity in the LBI real estate market! 

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April 2012 Sales on LBI

The month of April 2012 was active in the LBI real estate market! There were a total of 40 single-family homes sold with an average sales price of $820,343. On average, single family homes on Long Beach Island spent 148 days on the market and sold for an average of 92.4% of their listing price. Three condos also sold in April with an average selling price of $431,667. Condos sold in an average of 73 days and for 94.7% of their asking price! Duplexes were also very active with a total of six units selling for an average sales price of $744,667. Duplexes on Long Beach Island NJ sold in an average of 116 days and for an average of 91.4% of their listing price!

 All totaled, almost 50 units traded on Long Beach Island in the month of April! This is a large increase over previous months with almost 2 properties selling each day! It is interesting to see that the average price of a single family home was almost unchanged from March to April ($822,691 vs. $820,343 respectively). Spring is typically a busy time for real estate as buyers are looking to solidify their purchase before the summer season.

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March 2012 Monthly Sales on LBI

For the month of March 2013, a total of 39 units sold in the LBI real estate market-this is more than DOUBLE the number of sales in February! Single family homes were the largest segment of the Long Beach Island NJ real estate market with 34 homes selling. The average price was $822,691 and homes sold for an average of 93.6% of their asking price. On average, homes sold in 159 days. There was only one condo sale on LBI in the month of March so there is not enough data to provide any useful statistics for condo sales this month. There were four duplexes that sold with an average price of $620,500 and an average of only 80 days on the market! Duplexes sold for an average of 96.7% of their listing price.

The trend seems to be continuing that the most active area of the LBI real estate market is in the homes priced under $750,000. For the month of March, 20 of the 34 single family homes that sold traded under the $750,000 price point and all four duplexes sold for less than $750,000. This high concentration of activity does drive the average price lower, but keep in mind that this lower average has to do with what is selling and is not a reflection of a worsening real estate market on Long Beach Island. To the contrary, the increase of activity points to a strengthening of the real estate market on Long Beach Island NJ!

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February 2012 Monthly Sales on LBI

For the month of February 2012, a total of 21 units sold in the LBI real estate market. As expected, single family homes comprised the majority of these transactions with a total of 17 homes sold. The average sales price for a single family home in February on Long Beach Island was $945,735 (an average of 90.3% of the list price) and sold in an average of 220 days. Two condos also sold with an average price of $647,000 and two duplexes sold with an average price of $670,000. The condos and duplexes sold for 94% and 96%  of their asking price and sold in an average of 108 days and 87 days respectively.

Once again, the average price is lower than past months but a closer look explains why. Average sale prices depend on what is selling and the market dynamics have changed over the past few months. Right now, the most active facet of the LBI real estate market is a single family home under $1,000,000. Of the 17 single-family homes sold in February, 12 of theses homes closed under $1,000,000. Last year, homes in the $1,000,000 and over range were more active than the lower priced inventory which resulted in a higher average price. It is also important to note that there are currently at least 60 homes under contract on Long Beach Island which is higher than the numbers we have seen in the past several months.

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January 2012 Monthly Sales on LBI

For the month of January 2012, there were a total of 26 single family homes sold on LBI! The average price of a sold single-family home in January on LBI was $902,976 and these homes spent an average of 166 days on the market. On average, homes sold for 92.2% of their asking price. In addition, 2 condos sold in January 2012 with an average price of $530,000 and spent an average of only 82 days on the market! Three duplexes also sold with an average price of $503,000. There are currently 48 homes under contract on Long Beach Island.

It is interesting to see that the average sale price and the number of units sold were lower than in the past few months given the amount of activity on LBI. Weekends have been extremely busy on LBI for both sales and rentals and I expect in the next couple of months, we will see a major increase in sold units.

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