LBI Real Estate Daily Market Update Wednesday May 3rd 2023

High Tides Digital Marketing
May 3, 2023
2 min read

Long Beach Island NJ (LBI NJ) Real Estate Market Update for Wednesday May 3rd 2023

LBI Real Estate Daily Market Update Wednesday May 3rd 2023

Long Beach Island Real Estate Sales Market Update Wednesday May 3rd 2023

It was a busy day in the LBI real estate market with a total of 10 changes to the MLS. Over half of this activity was in the form of pending sales. This activity is normal for this time of year as buyers look to buy a home in the LBI real estate market and make settlement before the summer season

3 new listings came up for sale in the LBI real estate market
6 homes went under contract on LBI
0 homes sold on Long Beach Island
1 home saw a price reduction in the LBI real estate market

LBI Real Estate Daily Market Update Wednesday May 3rd 2023

Below is a breakdown of all changes and transactions that took place in the LBI real estate market today.

Last Change Type	MLS #	Address	City	Current Price
Coming Soon	NJOC2018114	1001 Ocean Ave #1003	Ship Bottom	$1,125,000
New Active	NJOC2018154	1016-C Long Beach	Long Beach Township	$2,225,000
New Active	NJOC2018028	2 E 69th St	Harvey Cedars	$1,750,000
Price Decrease	NJOC2016652	210 E 23rd St	Long Beach Township	$2,620,000
Active Under Contract	NJOC2016778	1032-A Long Beach Blvd	Long Beach Township	$1,350,000
Active Under Contract	NJOC2017950	13 S Central Ave	Surf City	$1,549,000
Active Under Contract	NJOC2016562	324 N 2nd St	Surf City	$1,299,000
Active Under Contract	NJOC2016876	33 Hideaway Drive	Long Beach Township	$1,979,000
Pending	NJOC2015932	1 E 69th St	Harvey Cedars	$2,795,000
Pending	NJOC2017378	601 N Delaware Ave #13	Beach Haven	$750,000

Today was an interesting day in the world of real estate as the Fed raised interest rates yet again. While they do seem to feel this will be the last increase, the benchmark rate is over 5% for the first time in years. This will most likely cause mortgage rates in the LBI real estate market and elsewhere to rise, but the good news is we should see things stabilize now. The LBI real estate market remains strong, as evidenced by today's activity, and the real estate market on Long Beach Island has never been that sensitive to interest rates. All buyers should keep in mind that there are many different lending options available, many of which have the potential to carry a lower rate. If you have any questions about buying, selling, or investing in the LBI real estate market, please do not hesitate to contact me.