July 2017 sales on LBI
The beat goes on…kind of. Sales measured in dollars for July 2017 were very close to record setting. The average ticket of a single family home sold in July was over $1.4M, with the median sale price of a single family home coming in at $1,067,000. This median sale price is Hamptons territory, and really unprecedented for LBI. The average ticket was buoyed by two south end ocean fronts selling for $5,150,000 and $4,425,000. The prices being paid for oceanfront houses on the south end of the Island is almost scary.
Measured in units, the sales of single family homes was typical of July. Unit sales were actually down from the last two years, but it is important to note that the amount of homes sitting in the pending sale status is large, but similar to this point last year. Interesting to note that out of the 23 single family homes sold, all but two of them were on the south part of the Island….which makes the average and median sale prices even more impressive.
Inventory built up a bit from the end of June, but remains far below the numbers seen just one year ago. Inventory is down about 1/3 from last year, which gives sellers a distinct advantage.
Condo sales are back, and had another good month of sales. There were nine, and that is a record number going back 14 years. Two of these were actually townhouse style homes with condo form of ownership, but it is a safe bet that this type of condo ownership was baked in the numbers for the past years. Average ticket of a condo sale was below $500,000. A recent condo came up in the Fishery priced just below $1M, with $750/mo condo fees. It will be interesting to see how quickly it sells.
There were no commercial sales that took place on the Island last month. One sale of a vacant parcel took place, and only one multi-family unit sold last month.
It is important to note that the banks are back in the lending business, with just 10% required for a second home, with a mortgage up to $625,000.
The rental business is off the charts, and the Island is hopping with all of the activity. For those that long for a quieter Island, we are on the count-down clock as August has arrived.