For the month of April there were 25 single-family homes sold on Long Beach Island. The average sale price was $1,012,462 with homes selling for an average of 92.8% of their asking price. On average, homes spent 134 days on the market.
April tends to be a fairly active sales month as a purchase in the March-May time frame will still allow buyers to make changes and renovations to their new home before summer and/or allow some time on the rental market if that is the new owners intention. The fact that there are currently 44 homes under contract helps demonstrate this trend.
The LBI rental market has also shown a substantial amount of activity with most agencies on LBI reporting that rentals are higher this year than the past few years. Overall, more homes are on the rental market and more weeks have been rented than last year so this kind of activity always helps both the LBI real estate market and the LBI economy as a whole.
As I am writing this update I am listening to the news on CNN that reports Osama Bin Laden is confirmed to have been killed. We should all take a moment to remember the brave sacrifice made by so many of our men and women serving overseas and rejoice in their successful efforts to defend our nation. God Bless America!