A Look Back On June 2023

The month of June 2023 on Long Beach Island turned out to be an increasingly active time period for buyers and the most active month of the year so far in terms of sales. Personally, this was expected due to the historical trend of buyers searching for beach homes to enjoy the entire or at least part of the summer/fall. The island saw an increase in the amount of closed homes month-over-month by roughly 14% with the average sales price for residential properties hovering around $1,930,000. Another important metric which tracks how many new homes were listed during the month found that the market added fewer new homes than it sold in June. While this may sound like a good thing, this scenario actually worsens the island’s already struggling inventory, meaning it is even harder to find a home. Compared to May, June added about 34% less new properties to the residential market. This low inventory can also continue to drive home prices and competition among buyers up. As a seller this works in your favor, but as a buyer it could prove to be difficult to get your dream home. Will the inventory catch up soon? Time will tell.