BEACH NOTES ... 11/6/2009 ... Ocean City, New Jersey

Sale Listings in Ocean City, New Jersey

In our first full week of November, 2009 we find the following number of sale listings:  (1) Throughout Ocean City - 1,034 listings ... (Singles) - 244, (Multi-Units) - 72, (Condominiums) - 718.  Looking back for a three year period, we find the following:  in 2008 - 1,006 sale listings, in 2007 - 1,156 sale listings, and in 2006 - 1,389 sale listings.  Clearly, the 2008 and 2009 years have a similar number as compared to the 2006 and 2007 years.  Having a lower sale listing inventory is certainly a positive step ... obviously, we are not where we want to be as yet, but we are moving in the right direction.

Looking just in the Northend and Gardens, that area from north of 6th Street to the end of the island at the Longport Bridge, we find (2) Northend & Gardens Only - 265 listings (about 25% of the total sale listings throughout Ocean City) ... (Singles) 97 listings (about 40% of the total single family sale listings throughout Ocean City), (Multi-Units) - 29 listings (about 40% of the total sale listings throughout Ocean City), (Condominiums) - 139 listings(about 19% of the total sale listings throughout Ocean City).

What does all this information mean?  The inventory has been fairly stable ... it would be better if it was a lower number, but it appears to be a positive note in this national economic climate.  The single family sale listing has a significant number in the Northend and Gardens making that an area of choice for this property category.

With so much happening all over the country right now in terms of economic implications, it is certainly difficult to predict what will emerge on the other side of our present market situation in Ocean City in late February, 2010.  At present, we still have some great mortgage rates for potential buyers throughout the country.  And although we have also had our share of owners either in trouble with short sales or willing to reduce listing prices to make the sale; a significant number of owners have maintained their present listing prices for the long term.

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