For the month of October 2011, 27 single family homes sold on Long Beach Island for a grand total of just under $26,500,000! The average sale price was $979,737 and homes sold on average for 89% of the asking price. On average, homes sold after spending 202 days on the market. There are also currently 36 single-family homes pending on the LBI market. In addition, 2 condos and 5 duplexes sold in the month of October and there are currently 5 condos under contract and 10 duplexes pending as well!
These numbers seem to be more or less in line with the numbers we have been seeing in past months. The average percentage difference between listing price and asking price is lower than the 92% it has been running, but there were a couple of listings in October that sold for far under their asking price (which was too high in my opinion to start with) and that will of course drive the average down. The days on market is also slightly higher than the +/-180 the most months seem to average, but overall the numbers are in line with sales for this time of year.