Condominium Properties SOLD from January 1 through June 26, 2010 in Ocean City, New Jersey
This is the second posting regarding 2010 "sold property activity" here in Ocean City, New Jersey. Our first posting covered the "single family market;" and this one will review the "condominium market."
The average and median listing prices for "sold condominiums" was $515,291 and $497,000 with the average and median selling prices being $485,374 and $475,000. There was a total of 270sold condominiums during these first 6 months of 2010 throughout Ocean City (NJ) ... and looking just at the Northend and Gardens area, we find a total of 62 sold condominiums (about 31% of the total across the city.
Clearly, the condominium property category is the largest selling category every year ... and in the present buyer's market, a great many condos sold at lower prices. More investors are also involved in this property category with more potential "short sales," so there was a lot of deals made during the present spring buying period.
The obvious point to be made is that there remains a lot of higher priced condominiums still listed for sale in a market that doesn't presently support them. Therefore, this buyer's market in this property category will probably continue for some tim.
If you have any questions or follow-up, please contact me at Dustin@BeachNotes.net ... you can also visit our web-site at www.FrenchSales.com for a review of sale property. dap
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