Single Family Oceanfront Sales in the LBI NJ Real Estate Market
Long Beach Island Oceanfronts
The LBI NJ real estate market had a very strong and very active year in 2017. Overall market activity was strong (541 single family homes sold in 2017 with an average price of $1,106,290) and the oceanfront home market was no exception. Oceanfront homes helped to drive the average price of a single family home higher on LBI and nowhere is this more evident than in the new construction oceanfront market. Most new oceanfront homes sell in the around $3,500,000 or higher, a price not seen on Long Beach Island ever before. This demand has to do with Sandy creating an unprecedented wave of new construction that has helped to fuel a major increase in the LBI market. The simple law of supply and demand comes into play as there are fewer and fewer opportunities to build a new oceanfront home on LBI. Given the enormous activity in the oceanfront market and considering that the higher end of the market usually dictates the future of the overall market, 2017 Long Beach Island oceanfront sales show a positive future for the LBI real estate market.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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