A Message from Michelle discussing the November 2022 Market Report Long Beach Island NJ…

Happy holidays to all! As the year-end approaches and those freezing temperatures arrive, we see the LBI real estate market is already frozen. The seasonal slowdown, questionable interest rates and historic low inventory continue to keep buyers and sellers in a state of inertia. As of this writing (12/14/2022), the total number of single-family homes listed is 130. This is a far lower number than the normal 400 – 450. Now may not feel like the right time to buy but then again, those same feelings existed in the 90s. Happy are the owners who bought then! For example, 6805 Kent Pl, Harvey Cedars originally sold for $420,000 on 1/97 and again on 11/22 for $2,395,000 a 420% increase. 9 Mea Ln, Long Beach Twp. originally sold for $137,000 on 11/94 and again on 11/22 for $1,125,000 a 721% increase. 216 Fairview Ave, Beach Haven originally sold for $180,000 on 5/91 and again on 12/22 for $2,000,000 a 1011% increase. The mind-boggling increase in value while creating precious memories is the best reason to pull the trigger now. As they say, “if I only knew then what I know now!”

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