Homes for Sale Ocean City NJ Market Trends August 2017
Single Family
Homes for Sale in the Ocean City Real Estate Market showed mixed results for August. August saw a 15.6% increase in new listings coming on the market over August 2016. 37 newly listed single family homes where introduced to the market.
Sold properties in August where down 16.7% with 15 sold single family properties.
Combined, the total number of new listings of Ocean City NJ Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to decrease to 9.3 months. This still denotes a strong Buyers Market but is a 23.1% improvement from 12.1 months last August.
Average Days on Market is down 28.2% to just under 3 months. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available.
Median Sale Prices for this August were up 2.9% from August 2016.
Market Report - Homes for Sale - Ocean City, NJ - August 2017
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Condos for Sale Ocean City, NJ - Real Estate Market Trends - August 2017
The Ocean City Real Estate Market for Condos is showing improvement for August. August showed a 5% decrease in new listings coming on the market. 96 newly listed condos where introduced to the market.
Sold properties in August were down 4.1% from last August with 47 sold condominium properties.
Combined, the total number of new Condo listings for Sale in Ocean City NJ and total inventory versus the number of properties being sold, has allowed the months supply of inventory to decrease to 8.6 months of supply. This still denotes an Buyers Market but represents an 28.9% decrease from August 2016 of 12.1 months.
Average Days on Market for August is down 7.1% to 105 days. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available.
Median Sale Prices for this August are up 22.2% over August 2016.
Median Sale prices for condos continue to increase in the Ocean City Market
Mortgage Rates are fairly stable and at this writing and are in the 4% range.
Market Report - Homes for Sale - Ocean City, NJ - August 2017
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By Bill Wagner
Content written and published by Bill Wagner - Wagner Real Estate Group
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