The month of August saw a significant drop in closings on LBI which is to be expected for this time of year. For the month of August 2011, there were only 11 single family homes sold with an average price of $763,650. These homes sold for a higher percentage of their asking price on average (94% with two homes selling for full price and one home selling for 99%) and the homes sold far faster with an average time on market of only 110 days. There were also 2 condos and 1 multi family home sold in August 2011 on LBI.
As I mentioned above, August is normally a sold time on LBI for real estate closings. In fact, last August there were only 7 single family homes sold so there is actually quite an increase when compared to last year. It is interesting to note that there was only one sale over the $1 million figure in August while the majority of the closings were in the $500,000 range. Now that the summer has passed, we should start to see some new listings enter the market and properties currently listed for sale will most likely begin to see some price reductions.
On a side note, LBI faired very well through Hurricane Irene. There was almost no damage to the Island the only minor flooding along the main road. LBI is open and ready for a busy Labor Day weekend!