The Long Beach Island residential sales market, to say the least, is at a very interesting position as of late. July proved to be another month of historically low inventory on the island. To put this into perspective, the month of July ended with 150 residential properties for sale on the entire island. Over the past decade, the average amount of homes for sale at any given time hovered around 500. Inventory during the month of July 2020 was 485 active listings. Inventory accumulation, or in other words, new listings, were also down approximately 13% month-over-month. In addition, July 2023 observed 28 home sales, down 30% month-over-month. Average sales price for the month was $1,888,857. Hopefully, once the summer begins to draw to a close and the market starts to become more active again, sellers will jump on the opportunity to sell their home at a competitive price. Being a seller in a market with a plethora of buyers, high demand, and low inventory translates into a major advantage for the property holder. From a buyer’s point-of-view, any new listing is another possibility to find their dream home. All that being said, July is typically one of the slowest months for sales due to obvious reasons (the summer weather, rentals in properties, family using the home, etc.). Based on historical trends, we should begin to see more inventory arriving on the market late summer/early fall. Buyers are waiting in the queue!

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Source: Bright, MLS ®