This post just came through to me so I will give you an update to your question as of June 30, 2010. The Average Sales Price 10 years ago (2000) was $400,000. The top of our market occured in 2006 with an Average Sales Price of $1,161,000. We ended 2009 with an Average Sales Price of $935,000. Reviewing the first six months of 2010 and the Average Sales Price today is $1,001,395. Given the economic times Long Beach Island has proven its resiliency over the years. If you wish more detailed information you will find it on my web site at: LBIrealestateNews.com with data going back to 1982 and with an emphasis on 2005 to today. I also produce an electronic MarkeTrends newsletter that I would be happy to email you upon request. If you have any other questions about the market, please ask.
Pat Sepanak, Broker/Owner
Coldwell Banker Sand Dollar Real Estate
Long Beach Island
The last 10 years will be difficult to get, but I can tell you that compared to the 4th quarter of 2008, the same quarter sales in 2009 were double, fewer homes were listed for sale this past quarter than the 4th quarter of 2008. So more sales & less inventory usually starts to stabalize the prices. The absorption rate has dropped drastically (the amount of time it would take to sell all the homes currently on the market based on the average number of sales per month, if no other homes came up on the market) from 42 months to 20 months (this is for all Long Beach Township however, but still a drastic change compared to last year).
If you have a particular price range or type of home in mind let me know the details and I can run you some historical data from the MLS for the past couple of years to let you know how the prices have fluctuated.
Experts predict home prices in NJ will rise over the next 5 years at an average of 3% per year.
If I can answer any other questions for you, please let me know.
Barbara Smith ABR, GRI
NJ/PA Licensed Realtor
Here are some figures on Long Beach Township sales:
2006 - 135 sales with prices ranging from $430,000 for a 2 bed one bath to $3.4 million for a 5 bedroom 5 bath
2007 - 194 sales with prices from $425,000 for a 2 bed one bath to $4.9 million for a 4 bedroom 4 bath
2008 - 156 sales with prices from $415,000 for a 2 bed one bath to $6.1 for a 5 bedroom 5 bath
2009 - 154 sales with prices from $370,000 for a 2 bed one bath to $4.4 million for an ocean front
So far this year 9 homes in Long Beach Township have sold. Prices range from $450,000 for a 3 bedroom one bath to $2.175 million for a 3 bedroom 2 bath bayfront home.
If you'd like specifics, contact me.
Keller Williams Realty - Atlantic Shore