A Message from Michelle discussing the April 2023 LBI NJ Market Reportā¦
As we approach Memorial Day Weekend, itās clear the Spring selling season is a dud! In a ānormalā market on Long Beach Island, Buyers would be looking forward to moving into their new Beach home anticipating a summer of sun and fun, or preparing for summer renters. That is not to be this year as weāre seeing pending and closed sales dip year over year in April. The lack of inventory suggests the situation will continue to worsen as we enter May and June. Analysts may blame mortgage rates, inflation, or unrealistic Buyers and Sellers.Ā Quite frankly, it’s simply the market at work. Historically, prices on Long Beach Island have steadily risen, making us all wish we had invested a decade ago. But hold tight and stay patient, as this trend is likely to change in due time.
| Barnegat Light | April 2022 | April 2023 | % Change |
| New Listings | 4 | 0 | -100% |
| Pending Homes | 2 | 1 | -50% |
| Closed Sales | 2 | 0 | -100% |
| Avg Sale Price | $1,885,000 | $0 | -100% |
| Avg Price Per Sqft | $679 | $0 | -100% |
| Harvey Cedars | April 2022 | April 2023 | % Change |
| New Listings | 2 | 4 | ā²100% |
| Pending Homes | 5 | 1 | -80% |
| Closed Sales | 1 | 1 | 0% |
| Avg Sale Price | $1,810,000 | $2,799,900 | ā²55% |
| Avg Price Per Sqft | $793 | $1,121 | ā²41% |
| Surf City | April 2022 | April 2023 | % Change |
| New Listings | 6 | 6 | 0% |
| Pending Homes | 1 | 1 | 0% |
| Closed Sales | 6 | 2 | -67% |
| Avg Sale Price | $2,026,417 | $2,575,000 | ā²27% |
| Avg Price Per Sqft | $934 | $862 | -8% |
| Ship Bottom | April 2022 | April 2023 | % Change |
| New Listings | 5 | 4 | -20% |
| Pending Homes | 3 | 2 | -33% |
| Closed Sales | 5 | 4 | -20% |
| Avg Sale Price | $1,432,800 | $1,385,000 | -3% |
| Avg Price Per Sqft | $788 | $881 | ā²12% |
| Long Beach Twp. | April 2022 | April 2023 | % Change |
| New Listings | 23 | 19 | -17% |
| Pending Homes | 13 | 9 | -31% |
| Closed Sales | 14 | 12 | -14% |
| Avg Sale Price | $2,290,286 | $2,764,917 | ā²21% |
| Avg Price Per Sqft | $909 | $979 | ā²8% |
| Beach Haven | April 2022 | April 2023 | % Change |
| New Listings | 7 | 7 | 0% |
| Pending Homes | 3 | 3 | 0% |
| Closed Sales | 2 | 0 | -100% |
| Avg Sale Price | $1,079,500 | $0 | -100% |
| Avg Price Per Sqft | $905 | $0 | -100% |
*Single family home information provided by Bright MLS. April 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 5 Newly Constructed Homes
| NJOC2018208 | 12213 Ocean Ave, The Dunes | $5,499,000 |
| NJOC2016388 | 57-B Long Beach Blvd, Loveladies | $7,595,000 |
| NJOC2015588 | 13 E South 34th St, Beach Haven Gardens | $2,399,000 |
| NJOC2015540 | 108 E 29th St, Beach Haven Gardens | $2,695,000 |
| NJOC2014300 | 135-B Long Beach, Loveladies | $4,349,999 |
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Featured Listing of the Month
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What I’m Interested in…
Understanding Rip Currents
If you plan on visiting Long Beach Island, New Jersey, it’s important to be aware of the potential dangers of rip currents in the ocean. Stay safe at the beach by understanding what they are. This guide offers tips and advice on how to stay out of harm’s way when swimming in the ocean. Click here to learn more about rip tide awareness and safety.
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