A Message from Michelle discussing the March 2023 Market Report Long Beach Island NJ…

Season of Disappointment

The long-awaited Spring Selling season has arrived only to be replaced by the Long Beach Island Season of Disappointment. Discouraging statistics for March have left buyers, sellers and Realtors alike feeling disheartened. The Covid years produced an unusually competitive market with bidding wars, closed sales going well over full price and houses flying off the market. Buyers enjoying “cheap” money passed on those savings to Sellers driving sale prices up. As all good things eventually come to an end and as mortgage rates more than doubled, the frenzy too came to an end. For Long Beach Island Sellers and Buyers, the stalemate continues. Sellers are expecting to get 2021 prices and Buyers are no longer willing to overpay. Year-over-year figures show listings down significantly with only Beach Haven and Surf City showing an exception to the trend. Despite the average sales prices increasing, pending sales are down across the board suggesting uncertainty for the future. Lack of inventory is keeping sale prices up and the number of closed sales down. Interestingly and not surprisingly, it is worth noting that Long Beach Island sale prices tend to remain stable, in fact, even increase during uncertain times. Historically, Long Beach Island has always been the last to experience the effects of economic downturns and the first to recover. If you’re on the fence about selling or buying there is no “good time”. The time is when it’s right for you.

Barnegat Light March 2022 March 2023 % Change New Listings 3 0 -100% Pending Homes 3 1 -67% Closed Sales 0 1 ▲100% Avg Sale Price $0 $1,450,000 ▲100% Avg Price Per Sqft $0 $510 ▲100%

 

Harvey Cedars March 2022 March 2023 % Change New Listings 5 2 -60% Pending Homes 4 1 -75% Closed Sales 1 0 -100% Avg Sale Price $1,300,000 $0 -100% Avg Price Per Sqft $988 $0 -100%

 

Surf City March 2022 March 2023 % Change New Listings 3 7 ▲133% Pending Homes 6 2 -67% Closed Sales 0 7 ▲100% Avg Sale Price $0 $2,106,429 ▲100% Avg Price Per Sqft $0 $1,193 ▲100%

 

Ship Bottom March 2022 March 2023 % Change New Listings 4 4 0% Pending Homes 8 4 -50% Closed Sales 3 5 ▲67% Avg Sale Price $944,667 $1,378,000 ▲46% Avg Price Per Sqft $802 $626 -22%

 

Long Beach Twp. March 2022 March 2023 % Change New Listings 27 28 ▲4% Pending Homes 18 10 -44% Closed Sales 26 12 -54% Avg Sale Price $1,847,586 $2,722,292 ▲47% Avg Price Per Sqft $870 $892 ▲3%

 

Beach Haven March 2022 March 2023 % Change New Listings 4 10 ▲150% Pending Homes 4 1 -75% Closed Sales 5 8 ▲60% Avg Sale Price $911,400 $1,195,219 ▲31% Avg Price Per Sqft $856 $920 ▲7%

*Single family home information provided by Bright MLS. March 2023 Market Report Long Beach Island NJ. Previous market reports may be found on website.

Click here to review last months statistics.

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Curious? Here are 5 Super Cool Oceanfront Homes

NJOC2017326	67 D Long Beach Blvd, Loveladies	$8,690,000
NJOC2016598	122 E Wyoming, Haven Beach	$8,599,999
NJOC2016326	6109 Ocean Blvd, Brant Beach	$2,670,000
NJOC2015600	209 E South 33rd St, Beach Haven Gardens	$5,399,000
NJOC2017500	100 Essex Ave, Beach Haven	$6,499,000

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What I’m interested in…

If you haven’t done so already, its time to think about getting those beach badges.

Barnegat Light $35 through June 5th, $45 seasonal starting June 6th. $22 weekly (Sat – Fri), $12 senior, $5 daily. Ship Bottom $35 through May 31st, $45 seasonal starting June 1st. $25 weekly, $10 daily, $10 seniors. Free for veterans, active military, children under 12. Harvey Cedars $35 through June 15th, $45 seasonal starting June 16th. $20 weekly, $12 senior, $7 daily. Long Beach Township $40 through June 15th, $50 seasonal starting June 16th. $30 weekly, $10 daily, $5 senior. Free for veterans. Surf City $40 May 1st – 31st, $50 seasonal starting June 1st. $20 weekly, $10 daily. Beach Haven $30 through May 31st, $40 seasonal starting June 1st. $20 weekly, $10 senior, $10 daily. Free for veterans, military and their immediate family.

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Ask me about real estate, mortgages, flood insurance or even the weather. Click here now! Click here to see why I’m the right choice to help you buy or sell your home.

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Follow the below links to find your next home! 

Search Barnegat Light Search Ship Bottom Search Harvey Cedars Search Long Beach Township Search Surf City Search Beach Haven

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Did you know… you can find any home, anywhere by downloading the free RE/MAX mobile app? Click here!

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