Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer

LBI Real Estate Sales Transactions

Nathan Colmer | The Van Dyk Group

C: 609.290.4293 | O: 609.492.1511

2013 Sales Transactions Long Beach Island New Jersey

View 2013 sales transactions on Long Beach Island New Jersey and LBI NJ real estate information provided by Nathan Colmer of The Van Dyk Group LBI

 

 

2013 Sales Transactions Long Beach Island New Jersey | LBI NJ Real Estate | Nathan Colmer

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Sales Transactions Long Beach Island New Jersey | LBI NJ Real Estate | Nathan Colmer

December 2013 LBI Real Estate Sales and Transactions on Long Beach Island NJ

The month of December 2013 ended a very interesting year in the LBI NJ real estate market. Overall, December sales were strong continuing the trend of increased activity on Long Beach Island. Sales are as follows:

Single Family Homes

Condominiums

Multi Family Homes (Duplexes)

There were only three storm damaged homes sold in the LBI real estate market in the month of December which shows that the impact of storm damaged homes is lessening each month. While these storm damaged homes drove the average sales price of a single family home a little lower, the average price was still very high at just under $900,000. Despite November and December being slower months in the LBI real estate market, there are currently about 75 properties under contract. Market activity has been very strong in January with 13 new contracts written in the first 15 days of the year! This is almost a house selling every day showing how strong buyer activity currently is! You can view all homes sold in the month of December by clicking here.

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November 2013 LBI Real Estate Sales and Transactions on Long Beach Island NJ

The month of November 2013 again showed significant activity in the LBI real estate market. In total, there were 43 transactions closed on Long Beach Island. Sales were broken down as follows.

Single Family Homes

Condominiums

Multi Family Homes (Duplexes)

The real estate market in November produced fewer closed transactions than October 2013 however the average sales price was much higher. This is due partly to the small number of Hurricane Sandy damaged properties (only five sold in the November market). Activity tends to slow down in the months of November and December as focus is shifted towards the holidays so slower market activity is to be expected. Overall, the LBI real estate market has shown plenty of momentum with a total of 93 properties currently under contract (up from 85 under contract in October). You can view all homes sold in the month of November by clicking here.

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October 2013 LBI Real Estate Sales and Transactions on Long Beach Island NJ

The month of October 2013 saw some very high sales numbers. In total, there were 47 closings on Long Beach Island in October 2013. The sales are broken down as follows:

Single Family Homes

Condominiums

Multi Family Homes (Duplexes)

There were substantially more single family homes selling in October than September (10 more in fact closed in October). The average price was much lower in October compared to September due mainly to a higher than normal number of storm damaged homes having sold. There were 12 storm damaged homes sold in October which when removed from the equation drives the average sale price of a single family home in October 2013 to $1,019,304. It was surprising to see so many duplexes having sold (a total of 7) but it is important to remember that September did not have ANY duplexes sold. Overall the real estate market on LBI has been very active and we are continuing to see a high volume of activity. At present there are 85 properties under contract on Long Beach Island.

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September 2013 LBI Real Estate Sales and Transactions on Long Beach Island NJ

At the beginning of the 3rd quarter the LBI real estate market has continued to show steady activity. September 2013 sales in the LBI real estate market were broken down as follows:

Single Family Homes

Condominiums

Multi Family Homes (Duplexes)

While fewer homes sold in September than August, it is notable that the average sales price of a single family home was significantly higher-even without removing storm damaged homes from the average! Single family homes also spent less time on the market and sold for a higher percentage of their asking price. This ties in well with the huge increase in pending home sales with over 90 properties presently under contract on LBI up from 71 in August! 

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August 2013 LBI Real Estate Sales and Transactions on Long Beach Island NJ

The month of August continued the trend of high real estate sales activity in the LBI real estate market with a total of 41 transactions taking place in the month of August 2013. Sales were broken down as follows:

July 2013 LBI Real Estate Sales and Transactions on Long Beach Island NJ

At the unofficial half way point of summer, the LBI real estate market has continued to show strong sales activity. A total of 33 homes sold in July on Long Beach Island for a total of $27,990,300 in market activity! The LBI sales transactions are broken down as follows:

Single Family Homes

Condominiums

Multi Family Homes (Duplexes)

It is interesting to note that the market activity in July 2013 was almost identical to July 2012. July 2012 saw a total of 33 transactions (the same amount as July 2013) and the average price of a single family home was approximately $897,000 in 2012 compared to $895,303 in July 2013. What is important to note is that July 2013's average sales price of $895,303 includes storm damaged homes. When these are taken out of the average (for the record there were 7 storm damaged home sales in July 2013) the average price increases to $1,075,355! It would be fair to draw the conclusion that the market is improving with statistics such as these!

 

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June 2013 LBI Real Estate Sales and Transactions on Long Beach Island NJ

Summer is here and June continued to show a strong LBI real estate market. A total of 39 LBI real estate transactions took place in June 2013 for a total of over $28 million in real estate being sold! The sales are broken down as follows:

Single Family Homes

Condominiums

Multi Family Homes (Duplexes)

Overall average prices have held steady in June as compared to past months. The average price of a condominium and a multi family home both increased by roughly $100,000 and the average price of a single family home increased almost $50,000. The similarity persists even when storm damaged homes are removed from the single family transaction list with an average price of approximately $875,000 in June compared to just under $900,000 in May. Summertime on Long Beach Island is now well underway and the entire Island celebrated a very happy 4th of July! There are still many homes on LBI that will be vacant for Summer 2013 due to on going repairs or the owners taking the opportunity to build a new home however the vast majority of homeowners and businesses are up and running. If the 4th of July weekend is any indication, Summer 2013 will be a great summer for all who are here to enjoy it!

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May Sales on Long Beach Island NJ

The month of May 2013, which also heralded the beginning of the Summer 2013 season on Long Beach Island, saw a substantial increase in activity. A grand total of 41 properties sold in May 2013 making May the busiest month in real estate sales so far in 2013!

Single Family Homes

Condominiums

Multi Family Homes (Duplexes)

It is interesting to note that while the activity is substantially higher-roughly twice as busy as last month-the average price is lower. Even when storm damaged homes are taken out of the equation, of which there were 11 sold in May, the average price is still lower being just under $900,000. Regardless, the sheer volume of sale activity is very encouraging. Apart from the 41 closings in May, a total of 43 properties went "under contract" so the massive volume of activity in the LBI real estate market is continuing as we start Summer 2013!

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April Sales on Long Beach Island NJ

The month of April witnessed almost the exact same amount of activity as March in the LBI real estate market!

Single Family Homes

Condominiums

Multi Family Homes (Duplexes)

Overall, a total of 23 homes sold on Long Beach Island in April 2013! The overall average price of a single family home rose compared to March ($888,694 in April vs. $751,027 in March) and the average price was higher still when storm damaged homes were removed. Excluding storm damaged homes, the average price was $932,735! The average price of a condominium was deceptively low given that one of the two sales was a storm damaged unit that sold slightly over $150,000. New market activity was strong as well with a total of 29 new deals coming to terms in April and going "under contract" in the LBI real estate market!

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March Sales on Long Beach Island NJ

The month of March continued to see activity in the LBI real estate market on Long Beach Island. Sales have picked up as some of the homes that have gone "under contract" have now begun to close.

Single Family Homes

Condominiums

Multi Family Homes (Duplexes)

Overall, a total of 22 properties sold in the month of March on Long Beach Island. This is much higher than February which saw only 14 homes sold. It is interesting to note that the average sales price of a single family home is much lower than normal ($751,027) but we must remember that this average is driven lower due to the number of storm damaged homes that have sold. When these damaged homes are taken out of the equation, the average sales price of a single family home is $1,006,900. This number is consistent with the average sales prices we have seen prior to Hurricane Sandy. Therefore, the conclusion can be drawn that the lower sales prices associated with the storm damaged homes are reflective of the homes condition rather than a depreciation in the real estate market on Long Beach Island. Sales active is still very high, more and more business open every day and LBI is coming back better than ever!

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February Sales on Long Beach Island NJ

The month of February saw some interesting activity in the LBI real estate market on Long Beach Island. There were roughly the same number of properties sold in February as January, but the average sale price was lower in February than in January. February sales are broken down below:

Single Family Homes

Condominiums

Multi Family Homes (Duplexes)

It it to be expected that the average sale price of a property on Long Beach Island NJ will be lower in the coming months, however this lower price has less to do with the real estate market and more to do with the condition of the properties themselves. It is common sense that a property which sustained damage from Hurricane Sandy and was listed for sale with no repairs made will sell for less money as financial consideration must be made for the property's condition. Since the average sales price is a sum total of ALL sales, the average price will be lowered by these storm damaged homes. If you examine a home that was not damaged by the storm, the average sales price has been unaffected by Sandy. In addition to the 14 sales in February, a total of 21 properties went "under contract" in the LBI real estate market.

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February Sales on Long Beach Island NJ

The month of February saw some interesting activity in the LBI real estate market on Long Beach Island. There were roughly the same number of properties sold in February as January, but the average sale price was lower in February than in January. February sales are broken down below:

Single Family Homes

Condominiums

Multi Family Homes (Duplexes)

It it to be expected that the average sale price of a property on Long Beach Island NJ will be lower in the coming months, however this lower price has less to do with the real estate market and more to do with the condition of the properties themselves. It is common sense that a property which sustained damage from Hurricane Sandy and was listed for sale with no repairs made will sell for less money as financial consideration must be made for the property's condition. Since the average sales price is a sum total of ALL sales, the average price will be lowered by these storm damaged homes. If you examine a home that was not damaged by the storm, the average sales price has been unaffected by Sandy. In addition to the 14 sales in February, a total of 21 properties went "under contract" in the LBI real estate market.

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January Sales on Long Beach Island NJ

The month of January saw some interesting activity in the LBI real estate market on Long Beach Island. There were far fewer closings in January (11 total) but there was substantial activity which has led to a total of 51 homes and counting going into pending! The sales breakdown is as follows:

Single Family Homes

Condominiums

Multi Family Homes (Duplexes)

It is interesting to note that the average price of a single family home was actually higher in January than in December and single family homes sold closer to listing price (92% in December vs. 93.3% in January). As I mentioned above, there are a total of 51 properties currently under contract broken down as follows:

With the amount of activity that has taken place in the LBI real estate market over the course of January, it is not particularly surprising that there are this many homes pending. It will be interesting to see how current trends continue in the coming months. On a slightly more personal note, I was recently interviewed by Bloomberg for their Businessweek magazine which was published yesterday.

Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer
Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer
Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer
Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer

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Your LBI Beach House is a Phone Call Away! Call Nathan Colmer 609-290-4293

Nathan Colmer

609.290.4293

ncolmer@vandykgroup.com

The Van Dyk Group

12800 Long Beach Blvd

Beach Haven Terrace NJ 08008

609.492.1511