Recent Trends on LBI

Dated: 07/30/2011

Views: 4387

If you have been waiting for some sign that the market has finally bottomed out on the South end of Long Beach Island we may well be at that point. A recent analysis of property sales on the South end indicates that the average sale price of a home in 2010 was $789,777 up from $764,879 in 2009, or an increase of about 3%. Not a huge jump by any means but most definitely a move in the right direction. Looking back, the average sale price in 2006 was $989,557 which translates to about a 20% reduction over that period. If you have been on the sidelines for some time, as many buyers have, it may well be time to start paying serious attention to this recent development. Mortgage rates continue be at record lows, but that will not be the case indefinitely. I think we can all agree on that.Lots of inventory. prices starting to trend up and unbelievable mortgage rates might just well be the formula to entice you into that life changing experience.

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