2013 saw a much slower than average first half in home sales on Long Beach Island, with only 318 units closed and an average sales price of $759K. The second half, however, resulted in 474 closed units with an average sales price of $865, an over $100K increase over the course of a year.
This year, 2014, has all the signs of becoming a banner year for Long Beach Island. Here's why:
1) This year, consumer confidence indices are well into the positive range and are uniformly higher.
2) Sandy is more than a year behind us and not only are properties restored, but many neighborhoods are upgraded.
3) Mortgage costs and availability have improved, including Jumbo products.
4) Reducing numbers in properly priced inventory, are predicted to result in an inevitable increase in average sales prices topping $900K, and volume approaching or exceeding the $1billion mark for the first time since before the recession.
I'm happy to answer questions about our market, or about Long Beach Island in general.
Prudential Zack Shore Properties
Ship Bottom, NJ 08008
609-494-7272 X1130 Office
The in-land homes are also doing a small upward swing due to the short sale inventory dropping off and a better real estate market as a whole.
The next few months will tell the real story because that is where homeowners who's homes were damage will make the decision to rebuild, raise or sell properties as is. I for one have still had a lot of inquiry's for waterfront homes so I feel the spring season will be a positive one.
Please feel free to contact me for more information. I will be happy to answer any questions you may have.
LuAnn Novak Century 21 Pacesetter Realty
Thanks for your question!
Overall, prices have remained stable in the market. The lower prices you see on some listings has to do with their condition rather than a deprecation of the LBI real estate market. Activity has remind strong since Sandy and this has helped to stabilize our market.
If you have any other questions, please do not hesitate to contact me anytime!
Nathan Colmer 609-290-4293