A Message from Michelle discussing the May 2023 LBI NJ Market Report…
In May 2022, the real estate market on Long Beach Island, New Jersey exhibited a mixed bag of assorted data. Notably, the sale of a single property in Beach Haven for the price of $4,433,000 stood out as an outlier, thereby distorting the overall data for Beach Haven. The number of active listings and closed sales remained largely unchanged when compared to the preceding year, with 32 closings in May of 2022 and 2023. Several factors contributed to the dynamics of the market, but the principal factor responsible for its subdued state was the persistent scarcity of available properties. With a limited supply of homes on the market, buyers encountered fierce competition, leading to higher prices. While most towns experienced an upward trend in prices, the price per square foot declined. Moreover, the price per square foot remained lower than that of May 2022, suggesting a potential shift in buyer preferences or perhaps an increase in the sale of larger homes with a comparatively lower cost per square foot.
Mortgage rates reached their highest point since November 2022 and demonstrated a steady incline. These elevated rates possibly affected buyer affordability and dissuaded some prospective buyers from participating in the market.
Transitioning to May 2023, the real estate market on Long Beach Island, New Jersey observed the continuation of certain trends witnessed in the previous year. Overall, the real estate market on Long Beach Island exhibited stability in sales volume in May 2023, however, the influence of factors such as limited inventory and uncertain mortgage rates impacted the market’s performance. In essence, the current situation can be attributed to a market correction. Remain resilient and exercise patience, as the prices of properties on Long Beach Island have consistently increased over the decades.
| Barnegat Light | May 2022 | May 2023 | % Change |
| New Listings | 2 | 3 | ā²50% |
| Pending Homes | 1 | 1 | 0% |
| Closed Sales | 3 | – | -100% |
| Avg Sale Price | $1,159,333 | – | -100% |
| Avg Price per Sqft | $788 | – | -100% |
| Harvey Cedars | May 2022 | May 2023 | % Change |
| New Listings | 6 | 4 | -33% |
| Pending Homes | 1 | 3 | ā²200% |
| Closed Sales | 4 | 3 | -25% |
| Avg Sale Price | $1,612,500 | $1,336,667 | -17% |
| Avg Price per Sqft | $1,229 | $1,082 | -12% |
| Surf City | May 2022 | May 2023 | % Change |
| New Listings | 5 | 10 | ā²100% |
| Pending Homes | 2 | 2 | 0% |
| Closed Sales | 2 | 4 | ā²100% |
| Avg Sale Price | $1,695,000 | $2,085,000 | ā²23% |
| Avg Price per Sqft | $1,020 | $919 | -10% |
| Ship Bottom | May 2022 | May 2023 | % Change |
| New Listings | 9 | 5 | -44% |
| Pending Homes | 5 | 6 | ā²20% |
| Closed Sales | 1 | 4 | ā²300% |
| Avg Sale Price | $946,000 | $1,156,250 | ā²22% |
| Avg Price per Sqft | $700 | $799 | ā²14% |
| Long Beach Twp. | May 2022 | May 2023 | % Change |
| New Listings | 37 | 25 | -32% |
| Pending Homes | 23 | 11 | -52% |
| Closed Sales | 18 | 20 | ā²11% |
| Avg Sale Price | $2,047,778 | $2,358,555 | ā²15% |
| Avg Price per Sqft | $927 | $866 | -7% |
| Beach Haven | May 2022 | May 2023 | % Change |
| New Listings | 7 | 8 | ā²14% |
| Pending Homes | 7 | 3 | -57% |
| Closed Sales | 4 | 1 | -75% |
| Avg Sale Price | $1,440,750 | $4,433,000 | ā²208% |
| Avg Price per Sqft | $690 | $1,166 | ā²69% |
*Single family home information provided by Bright MLS. May 2023 LBI NJ Market Report. Previous market reports may be found on website.
Click here to review last months statistics.
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Curious? Here are 6 Newly Listed Homes
| NJOC2019040 | 13 E South 34th St, Beach Haven Gardens | $2,379,000 |
| NJOC2019012 | 6 W McKinley Ave, Holgate | $1,599,000 |
| NJOC2018946 | 25 E 6th St, Beach Haven | $1,499,000 |
| NJOC2018960 | 4405 Long Beach Blvd, Holgate | $3,800,000 |
| NJOC2018968 | 1050-B Long Beach Blvd, North Beach | $1,899,000 |
| NJOC2018918 | 7401 Ocean Blvd, Beach Haven Crest | $6,999,000 |
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Featured Listing of the Month
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What I’m Interested In…
Sun, Sand, and Serenity
The traditional start of summer on Long Beach Island is Memorial Day Weekend and what a glorious one it was. Owners, vacationers and beachgoers alike enjoyed the perfect weather. Take a minute to read this comprehensive guide to make the most of your LBI summer.
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