LBI Post Sandy Boom Bust Or Break Even

Dated: 12/28/2013

Views: 1764

It’s been 14 months since Super Storm Sandy hit the east coast. I thought, as we get ready to ring in 2014, a look at some statistics might be in order. How is the real estate market fairing? Comparing figures from 2011, 2012 and 2013 (through 12/28) we see the following. The total number of closed sales were: 2011-300, 2012-373, 2013-300. (Forty closing took place from 10/29/2012-12/31-2012).  

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
$1.5M-1.999M= 36
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!

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