For the month of July the LBI real estate market showed some slowing down which is to be expected during the summer months. Total sales reported consisted of 27 single family homes sold, 2 condos and 4 duplexes. The average price of a single-family home on Long Beach Island NJ in July was $897,549. On average, these homes spent 127 days on the market and sold for 93.1% of their listing price. Condo sales were less representative of the market as a whole with one of the two July sales trading for only $80,000 (for the record, that is not a typo. There really are condos that sell for $80,000 on LBI!). As a result, the average sale price of a condo in July was $197,500. Condos sold for 83.3% of their listing price and spent an average of 240 days on the market. Duplexes faired better with 4 sales and an average price of $463,750. Duplexes sold for 94.1% of their listing price and sold in an average of 105 days.
Despite being slower than May or June, there were still a total of 29 sales on Long Beach Island for a total of $23,011,524 worth of real estate. Summer typically will slow down due to the difficulty that ensues with showing houses that are rented so as the summer passes and we enter into the fall market, the numbers should start to increase again. You can view the listing sheets for all sold single-family homes, condos and duplexes on LBI by following the enclosed link: http://buylbi.com/monthlysales.htm
Author:Nathan Colmer Phone: 609-290-4293 Dated: August 6th 2012 Views: 3,511 About Nathan: ...
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