How to go from renter to owner on Long Beach Island?Located on the North End in Harvey Cedars, this three - bedroom, two bath duplex shares ownership with other members of a homeowner
LBI Post Sandy Boom Bust Or Break Even
Of the 300 in 2011 223 were under $1M 74.3%
Of the 373 in 2012 273 were under $1M 73.2%
Of the 300 in 2013 230 were under $1M 76.6%
While this looks relatively on par, we need to dig a little further. A look at the number of properties that sold for over $1.5M shows a little different picture.
In 2011 - 43 properties sold for over $1.5M, the highest being $5.79M
In 2012 - 58 properties sold for over $1.5M, the highest being $3.75M
In 2013 - 24 properties sold for over $1.5M, the highest being $7.35M
Even though the highest price property sold in 2013 the total number of sales above $1.5M was down considerably versus 2011 & 2012. To further illustrate the point let’s look at the Median and Average prices:
2011 Median price $762.5K Average price $954.5K
2012 Median price $765.0K Average price $939.8K
2013 Median price $708.3K Average price $909.5K * reflects less higher priced sales.
To close, and to peek forward to 2014, here is the number of listings currently for sale by dollar range:
$100-499K = 35
$500-749K = 82
$750-999K = 95
$1M-1.499M = 95
over $2M = 57
2013 seems to have been break even on the lower end and bust on the upper end. What is in store for 2014? We’ll have to wait and see. Happy New Year!