francisf429, Home Buyer in Long Beach Township,...

How have housing prices been effected by Super Storm Sandy?

Asked by francisf429, Long Beach Township, NJ Thu Mar 7, 2013

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Nearly a year has gone by since your question and I can give you a recap... Many of the damaged homes either have been, or are in the process of being rehabbed or rebuilt, which has resulted in updated neighborhoods.

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.

Melinda Decker
Prudential Zack Shore Properties
Ship Bottom, NJ 08008
609-494-7272 X1130 Office
609-661-3815 Mobile/Text
0 votes Thank Flag Link Sat Feb 15, 2014
Great Question - It has definitly lowered the inventory, more on the shore line than further in-land. As of today there has not been a trementous change however we are seeing a upward swing on homes that survived Sandy making them more valuable due to the lack of inventory and the homes durability. Water front homes are selling.
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 609-462-8284
0 votes Thank Flag Link Thu Mar 7, 2013
Hi Francis,

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
0 votes Thank Flag Link Thu Mar 7, 2013
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