LBI homes sales 2007 vs. 2008 analysis

Hello Everyone,

We at CENTURY 21 Mary Allen Realty, Inc. have some good news we would like to share regarding the real estate market on LBI. Recently, we completed an analysis of “sold” data regarding Single Family Homes, Condominiums and Multi Family Homes for the first 6 months of 2008 compared to the same time period for 2007.

Our findings show the following…

•Single Family Home Sales are up approximately 1% from a Median Sale Price (MSP) of $930,000. in 2007 to $934,500. in 2008 with a Sale Price (SP) to List Price (LP) Ratio of 94.2% in 2008.

•Condominiums are up approx. 5.19% from a MSP of $506,250. in 2007 to $532,500. in 2008 with a SP to LP Ratio of 92.87% in 2008.

•Multi Family Homes are up approx. 5.37% from a MSP of $658,350. in 2007 to $693,750. in 2008 with a SP to LP Ratio of 92.59% in 2008.

••All data used in the calculations was obtained through the Jersey Shore MLS••

So, contrary to what the Media may be reporting on the real estate industry abroad…as for the market on LBI…now is a great time to purchase! With interest rates hovering near a 40 year low, available mortgages are much safer than programs used a few years ago & a larger selection of inventory to choose from makes this a great time to purchase your own vacation home.

Take this opportunity to talk with your agent at CENTURY 21 Mary Allen Realty, Inc. You’ll be glad you did…

As We Say On LBI… “Have a happy sunset”