A Message from Michelle discussing the December 2022 Market Report Long Beach Island NJ…
Farewell to 2022 and the crazy real estate market we experienced! Multiple offers, bidding wars and homes on the market for a day or two are fading to memory. In its place, we see contracts and overall sale volume plummeting due to the exceptionally low inventory here on Long Beach Island. Home prices, however, continue to soar as demonstrated by the average sold chart below showing 10 consecutive years of growth! The past few years have certainly not been normal and definitely not sustainable. As demand continues to exceed supply, we keep an eye on mortgage rates and their impact on the seller/buyer dynamic. An increase in interest rates will lead to a softening of the market and a decrease in sale prices. As the inventory increases and normalcy returns, the market becomes more balanced between buyers and sellers. Patience my friends, patience.
*Single family home information provided by Bright MLS. December 2022 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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What I’m Interested In…
Advocacy Groups Demand Transparent Investigation Into Deaths of Six Endangered Whales
Calling the deaths of six endangered whales that have washed up in 33 days on the beaches of New Jersey and New York “alarming and environmentally harmful,” local, state and regional ocean advocacy groups are calling for President Joe Biden to immediately address the unprecedented trend. “The noise from the offshore wind vessel is a potential cause of the recent whale stranding and increased near-shore sightings,” said Bob Stern, president of Save LBI, a nonprofit, non-partisan coalition opposed to the placement of offshore wind farms off Long Beach Island. “The beached whales bear no sign of vessel strike or fishing gear entanglement, leaving natural causes or noise as the potential causes and raising the likelihood that our concerns were well-founded.”… Continue reading.
Source: The Sand Paper.
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