2016 Home Sales in the Long Beach Island Real Estate Market

September 2016 Sales in the LBI NJ Real Estate Market

The month of September saw a total of 59 closed transactions in the LBI real estate market. Sales were broken down as follows:

Single Family Homes

52 Sold

Average Price: $1,005,267

Average Days on Market: 175

Average Difference Between Listing Price and Sales Price: 95.81%

Condominiums

6 Sold

Average Price: $432,650

Days on Market: 203

Average Difference Between Listing Price and Sales Price: 96.75%

Multi Family Homes

1 Sold

Average Price: $900,00

Days on Market: 12

Average Difference Between Listing Price and Sales Price: 96.88%

September was a busy month in the LBI real estate market! There were a total of 59 closed transactions which is one of the most active months we have seen in the recent market. When comparing September 2016 sales to September 2015 sales we see a slightly lower average price in 2016 ($1,136,474 in 2015 vs. $1,005,267 in 2016) however considerably more activity (38 sales in 2015 vs 52 in 2016). Condominium also showed an increase in activity and almost the exact same average price. Overall the LBI real estate market is shaping up for a busy fall heading into winter with roughly 115 pending sales. You can view all homes sold in the past month by clicking here.

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August 2016 Sales in the LBI NJ Real Estate Market

The month of August saw a total of 43 closed transactions in the LBI real estate market. Sales were broken down as follows:

Single Family Homes

37 Sold

Average Price: $1,119,982

Average Days on Market: 179

Average Difference Between Listing Price and Sales Price: 93.7%

Condominiums

4 Sold

Average Price: $399,750

Days on Market: 47

Average Difference Between Listing Price and Sales Price: 119.22% (This is not an error. The average price traded higher than asking.)

Multi Family Homes

2 Sold

Average Price: $550,000

Days on Market: 207

Average Difference Between Listing Price and Sales Price: 92.6%

The LBI real estate market showed considerable growth in August 2016. A year over year comparison shows 37 closed single family homes in August 2016 compared to only 19 closed single family homes in August 2015. The average price of a single family home has been holding steady over $1,000,000 and showed a marginal increase from July 2016 to August 2016. In all the 43 closed transactions in August 2016 trumped the 25 closed transactions in August 2015 and we have been seeing increased activity as new inventory comes on the fall market. There are currently about 130 pending sales further supporting the growth we have been witnessing in home sales on Long Beach Island. Given the trends over the past several months it seems reasonable to assume that the average price of a home and the number of sales will continue to rise throughout the fall. You can view all homes sold in the past month by clicking here.

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July 2016 Sales in the LBI NJ Real Estate Market

The month of July saw a total of 44 closed transactions in the LBI real estate market. Sales were broken down as follows:

Single Family Homes

37 Sold

Average Price: $1,097,365

Average Days on Market: 163

Average Difference Between Listing Price and Sales Price: 94.07%

Condominiums

5 Sold

Average Price: $439,800

Days on Market: 129

Average Difference Between Listing Price and Sales Price: 94.35%

Multi Family Homes

2 Sold

Average Price: $514,500

Days on Market: 103

Average Difference Between Listing Price and Sales Price: 93.63%

The month of July saw considerable improvement in the LBI real estate market. Compared to July 2015 there were 6 more closed single family homes with an average price about $70,000 higher. Overall there were 44 closed transactions in July 2016 compared to 38 in July 2015. There were fewer closed transactions in July 2016 when compared to June 2016 however this has to do with the seasonal nature of Long Beach Island rather than any market trend. Buyer activity is always high just before summer so it is expected to see a decline in activity over July and August. As we move towards the fall market we should see a number of new listings become available leading to an increase in buyer activity. Given the year over year increases we have seen in LBI home sales it seems reasonable to assume that market activity will continue to rise. You can view all homes sold in the past month by clicking here.

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June 2016 Sales in the LBI NJ Real Estate Market

The month of June saw a total of 62 closed transactions in the LBI real estate market. Sales were broken down as follows:

Single Family Homes

50 Sold

Average Price: $1,023,778

Average Days on Market: 123

Average Difference Between Listing Price and Sales Price: 94.83%

Condominiums

6 Sold

Average Price: $493.020

Days on Market: 159

Average Difference Between Listing Price and Sales Price: 96.57%

Multi Family Homes

6 Sold

Average Price: $666,208

Days on Market: 232

Average Difference Between Listing Price and Sales Price: 95.42%

June 2016 ended up being a very strong month for home sales in the Long Beach Island real estate market. Overall, it was by far the most active month in terms of closed transactions and also showed the highest average sale price to date in 2016. A year over year comparison of June 2015 to June 2016 shows 2 more closed transactions in 2016 and a higher average sale price for single family homes. We also see a shorter time on the market and a slightly lower difference between the listing price and the sales price. There are currently about 105 pending home sales in the LBI real estate market so it looks like activity will continue to increase through the summer months on LBI with the expected seasonal adjustments for the summer months. You can view all homes sold in the past month by clicking here.

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May 2016 Sales in the LBI NJ Real Estate Market

The month of May saw a total of 45 sold single family homes in the LBI real estate market. Sales were broken down as follows:

Single Family Homes

45 Sold

Average Price: $956,767

Average Days on Market: 148

Average Difference Between Listing Price and Sales Price: 94.90%

May was the best month by far in overall sales and pricing in the LBI real estate market in 2016. While May is typically a busy month as buyers rush to get in a home for the summer season, it is encouraging to see so many closed transactions in what started out as a slow year in January and February. To be fair, May sales in 2015 were slightly stronger than 2016 (May 2015 showed 49 sold single family homes with an average price of $970,585) but all things considered this data shows a stable trend developing in the LBI real estate market.

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April 2016 Sales in the LBI NJ Real Estate Market

The month of March saw a total of 36 sold single family homes in the LBI real estate market. Sales were broken down as follows:

Single Family Homes

36 Sold

Average Price: $967,690

Average Days on Market: 182

Average Difference Between Listing Price and Sales Price: 94.21%

April 2016 showed one less single family home sold when compared to April 2015 but the average sales price of a single family was about the same. This reflects the same general trend we saw in March 2016 which points to a stabling of the LBI real estate market after a disappointing start to the year. We are starting to see more and more higher end homes sell which helps to improve the overall statistics for the Long Beach Island real estate market.

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March 2016 Sales in the LBI NJ Real Estate Market

The month of March saw a total of 27 sold single family homes in the LBI real estate market. Sales were broken down as follows:

Single Family Homes

27 Sold

Average Price: $935,940

Average Days on Market: 137

Average Difference Between Listing Price and Sales Price: 95.16%

March 2016 show 3 fewer sales than March 2015 however for the first time in 2016 the average price of a single family home was higher. Overall this would be considered a stable trend in the LBI real estate market which is great news! Sales of single family homes on the higher end of the market showed some improvement as well which helped to balance out the higher average sales price.

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February 2016 Sales in the LBI NJ Real Estate Market

The month of February saw a total of 28 sold single family homes in the LBI real estate market. Sales were broken down as follows:

Single Family Homes

28 Sold

Average Price: $952,863

Average Days on Market: 214

Average Difference Between Listing Price and Sales Price: 93.82%

February 2016saw a marked increase in activity when compared to February 2015. More than twice the number of homes sold in 2016 however the average price was again lower. The overall activity in the LBI real estate market does appear to have increased however the average prices are lower. This seems to be a result of a slow down in the higher end price points of the LBI real estate market. As we saw with January, this most likely has to do with turmoil in the finical market but it warrants a close watch of the developing trends in the real estate market on Long Beach Island.

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January 2016 Sales in the LBI NJ Real Estate Market

The month of January saw a total of 33 sold single family homes in the LBI real estate market. Sales were broken down as follows:

Single Family Homes

33 Sold

Average Price: $870,750

Average Days on Market: 180

Average Difference Between Listing Price and Sales Price: 94.66%

January 2016 started off on a slower note than January 2015. There were 4 less single family homes sold during this time period and the average price was about $200,000 lower. Much of this has to do with the poor performance of the stock market and general financial concerns about equity and liquidity of the markets. Turmoil in financial markets has a negative impact on the second home and vacation real estate market on Long Beach Island. As the year progresses it will be interesting to see how the financial markets rise or fall and how that will impact prices of single family homes in the LBI real estate market.

 

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