Sale Listings As of January 1, 2012 ... in Ocean City, New Jersey
Year Property # Listed Ave Listing Price Median Listing Price Location
____ ________ _______ ______________ _________________ _______
2012 Single 162 $1,340,363 $777,450 All Ocean City
2012 Single 54 $1,229,933 $899,700 Northend/Gardens
2012 Multi 62 $ 856,386 $720,445 All Ocean City
2012 Multi 23 $ 632,043 $539,000 Northend/Gardens
2012 Condo 635 $ 620,818 $499,000 All Ocean City
2012 Condo 106 $ 542,745 $484,450 Northend/Gardens
* "Northend/Gardens" # is a part of the "All Ocean City" # of Sale Listings
(The Northend begins north of Sixth Street and continues to south of North Street ... The Gardens
begins north of North Street and continues to the end of the island at the Longport Bridge.)
During the last couple of years several trends became quite noticeable ... one being that the single family market was maintaining listing price points with the exception of the "short sales" on some of the new construction singles. During that time, and particularly in the Northend/Gardens single family properties, it was slowly becoming much more difficult to find listings priced under the $1 million figure (particularly those closer to the beach). Looking at present sale listings bears this out right now. And the total single family listing numbers across Ocean City show a property category in fairly good shape.
The multi-family property category is simply a minor bleep on the screen ,,, most require a great deal if work and are much further back from te beach. The day of finding a duplex and renting one floor and using the other is all but forgotten.
Finally, the condominium market (which was the most damaged from 2006 on) has slowly gotten a bit better ... the main reason would be far fewer sale listings. It is still not a perfect situation with so many motel type efficiency and one-bedroom units available; but it has reduced inventory to a point where many sellers can hold the line with their listing price. dap