March 2012 Monthly Sales on LBI NJ

Dated: 04/02/2012

Views: 4114

 

Single Family Homes

Units Sold: 34

Average Sales Price: $822,691

List Price/SalePrice: 93.6%

Days on Market: 159

 

Condos

Only 1 condo sold in the month of March so there is not enough data to create a useful comparison

 

Multi-Family Homes

Units Sold: 4

Average Sales Price: $620,500

List Price/SalePrice: 96.7%

Days on Market: 80

 

The month of March saw an increase in the overall activity onLong BeachIslandwith almost 40 units closed! The average price of single family homes is still lower than the averages we have seen, but it is important to note that this has to do with the type of property selling rather than the market conditions being worse. In March, 20 of the 34 single family homes that sold traded for less than $750,000 and all 4 of the duplexes sold under $750,000 as well. With such a large number of homes selling in the lower price ranges, it is easy to understand why the average price is lower too. It is encouraging to see that more people are buying on LBI as the willingness of individuals to invest in the LBI real estate market is a good sign that the market has improved!

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